The World Bank’s ongoing reform could result in a $50 billion lending boost over the next decade, Treasury Secretary Janet Yellen told AFP ahead of stakeholders’ meetings next week where key changes are expected to be announced.

US Treasury Secretary Janet Yellen expects the world’s biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector.

World food prices are still high but have fallen by a fifth compared to a year ago when prices soared to a monthly record high after Russia invaded agricultural powerhouse Ukraine, UN data showed on Friday.

German industrial production rose more than expected in February thanks to a strong bounce in the car industry as the sector begins to shake off supply issues, official data showed Thursday.

The resilience of Russia’s economy has over the past year surprised many observers as Moscow adjusts to unprecedented Western sanctions over its assault on Ukraine.

Saudi Arabia, the world’s top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month.

China’s services activity in March revved up at the quickest pace in 2-1/2 years on robust new orders and job creation and a consumption-led post-Covid recovery, a private-sector survey showed on Thursday.

 Oil remained on track for weekly gains on Thurday, with further production cuts targeted by Opec+ and a drop in US oil inventories overshadowing fears over global economic growth.

Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed.

The International Monetary Fund expects global economic growth to dip below 3% in 2023 and to remain at around 3% for the next five years, Managing Director Kristalina Georgieva said on Thursday, flagging increased downside risks

The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike.

Growth in India’s dominant services industry eased last month from February’s 12-year high due to a softer expansion in demand, according to a private survey, which also showed input cost inflation falling to its lowest since September 2020.

India’s power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records.

The surprise oil output cuts announced on Sunday by Opec+ members illustrate their greater power over the market, given limited supply growth by other producers such as US shale firms and still-growing demand despite the energy transition.

In 2008, the Japanese government announced the “China Plus One” policy, focusing on relocating its sunset industries from China to other countries.

Developing Asia will grow faster than previously thought this year, underpinned by a stronger-than-projected rebound in China, but risks from global banking turmoil could weigh on the outlook, the Asian Development Bank (ADB) said on Tuesday.

India cut its windfall tax on crude oil to zero from 3,500 rupees ($42.56) a tonne and halved the tax on diesel to 0.5 rupee per litre, a government notification said on Tuesday.

The World Bank on Tuesday lowered its forecast for India’s economic growth in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent as it expects higher borrowing costs to hurt consumption.

The World Bank and the Asian Development Bank yesterday emphasised structural reforms of trade policies, public finance management, domestic resource mobilisation and the banking sector in Bangladesh in order to ensure sustainable growth in the upcoming years. 

Oil prices rose on Tuesday after Opec+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.