President Sisi reviews tourism structural reform program with minister of tourism    Trump hails India's Modi for election win    Pentagon confirms weighing more troops for Middle East    No definitive conclusion reached on reports pointing to chemical exposure in Syria attack: US State Department    Qatari president of PSG under graft investigation in France    Egypt's Central Bank maintains interest rates on deposits and loans at 15.75%, 16.25%    72nd Cannes Film Festival: It's all about fresh talents    2019 African Cup of Nations tickets now available for sale: Committee    Egypt's tourism ministry seeks to obtain UNDP's Gender Equality Seal    Houthi targets arms depot at Saudi airport in Najran    Huawei sales will not be affected by Google's suspension of business: MTI    Shoukry, Sadadi convene in Cairo over regional updates    Swiss embassy in Cairo, WorldFish complete YEAG project    12 alleged militants killed in two separate raids in Al-Arish    Fanzir plans to launch 3 projects, open HQ in Egypt: Aljishi    Microfinance portfolio in banks reaches EGP 6.94bn in Q1 of 2019    Four women challenge male-dominated food market in Ramadan    Lack of proper waste management in Egypt causes accumulation of marine plastic litter    Aiisha Ramadan & SADAFA Collaborate for SS'19 Arab Fashion Week    Banking law amendments for capital requirements could trigger profit retention, M&As: Pharos    Al-Karma to publish Tawfik's last short story collection in June    Repatriation: Why Western museums should return African artefacts    Omani author Jokha Alharthi wins prestigious Booker International Prize    Newsreel    Breaking the record    Connected for exams    Pre-emptive strikes    Ahly held by Ismaily to lose two precious points in title race    Amending judicial regulations    Mubarak speaks    Tahya Masr Bridge: Breaking the record    EGP 300 million allocated for poor households, education: Ministry of Religious Endowments    Vaccine doubts spread like disease, must be taken offline: vaccine chief    Omani Writer Jokha Alharthi wins the 2019 Man Booker International Prize    General Prosecutor orders release of five prominent detainees    Egypt name national team's initial squad for AFCON 2019    Messages to Tehran    Mascot revealed, tickets on sale    Only one path to glory    Don't miss Al-Leila Al-Kebira puppet theatre operetta at Al-Hanager Arts Centre    In search of historical women    Why Egypt dominates squash: juniors' training plans, says Khalifa    Twelve alleged militants killed in shootout with police    Malawians vote in tough presidential election    Angry at being dubbed a hustler, Maradona dismisses new film    At Cannes, Arab Cinema Centre announces winners of its 3rd Critics Awards    President Sisi receives citizens for Iftar at his private residence    The alternative economy in Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





World Bank shows interest in cooperation with Egypt to boost growth
Egypt is head of African Union, pioneers way Africa can work together, says Malpass
Published in Daily News Egypt on 13 - 04 - 2019

Washington, DC- "I would like to see countries do well, and I would like to see Egypt do well. I take note that their unemployment rate has fallen to below 9%. The inflation rate has been falling, and so there are still big challenges faced by Egypt, as far as inclusion as far as more jobs, David Malpass, the World Bank Group (WBG) president, told Daily News Egypt.
“One of the key things in getting good growth in countries is full inclusion of women in the economy. This is a huge resource. It's particularly apparent in Africa, and is something the bank is working hard on, both from the standpoint of having women have legal rights that are full and that are effective within the economy, but then also to be able to participate fully in the economy, small businesses, and employment. All of those are progress," Malpass added.
Additionally, “I'm looking forward to cooperating with Egypt in order to promote the country's economy, and this year, Egypt is the head of the African Union that could help Africa to work together.”
“I'm looking forward, greatly, to working with Egypt and with President Abdel Fattah Al-Sisi on ways to have faster growth in Egypt, to have faster growth in the world, as a whole, and to have effective programmes, he elaborated.
Malpass noted that the WBG plays an increasingly vital role in leading regarding the global challenges that people face in developing countries. The bank's role is particularly important in poorer countries, where the global economic slowdown that began last year hit the people hardest.
Moreover, Malpass said that global growth lost momentum throughout 2018, fell to 2.7% in the fourth quarter (Q4) of the year, down from 3.3% in Q1, based on the WB's calculations.
Furthermore, Malpass added that the deceleration was seen in both advanced and developing economies, and it coincided with three other warning signs: waning structural reforms in major economies, financial stress in some large emerging markets (EMs), and elevated global policy uncertainty.
Concerning the current trends, per capita income growth in Sub-Saharan Africa, as a whole, is now projected to stay below 1% until at least 2021, which elevates the risk of a further concentration of extreme poverty in the continent. Growth in median countries will also be weak, he elaborated, adding that this fact is extremely troubling, because it jeopardises the WB's primary goal of ending extreme poverty by 2030.
"Globally, extreme poverty has dropped to 700m at the last count, which is down from much higher levels in the 1990s and 2000s. But the number of people living in extreme poverty is on the rise in Sub-Saharan Africa," he highlighted. "By 2030, nearly nine in 10 extremely poor people will be Africans, and half of the world's poor will be living in fragile and conflict-affected settings."
He explained, "Fortunately, the WBG is financially strong. With the capital package – which was agreed on a year ago at the spring meetings, and which I was proud to support – the organisation is becoming even more responsive, efficient, and effective."
"This week we at the WBG have joined the IMF in welcoming our 189 shareholders to the spring meetings," he declared.
Additionally, he pointed out that regarding climate change, one thing to take note of is that it has its biggest effect often on the poorest people, so that adds to the challenge. Therefore, the bank has goals under the climate change action plan–ones that the WBG thinks are achievable in terms of addressing some of the effects of climate change. And that follows from mitigation types of lending and also adaptation types of lending as other innovative products that the bank can be involved in.
As far as the digital economy, it is are critically important for people to move fast as in to move forward quickly in terms of their economic development.


Clic here to read the story from its source.