International development

The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on Thursday.

The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on April 9.

The Council of Ministers approved the participation of the Republic of Bulgaria in the International Monetary Fund (IMF) initiative to raise funds to settle Somalia's debt to the IMF, amounting to EUR 242 million.

The amount with which Bulgaria will join is amounting to 1.48 million SDR (special drawing rights)

The International Monetary Fund (IMF) has downgraded its growth forecasts for 2019-2021, primarily reflecting negative surprises to economic activity in a few emerging markets.

In its latest World Economic Outlook, the fund expected global economy to grow 2.9 percent in 2019, 3.3 percent in 2020, and 3.4 percent in 2021

A World Bank report released late on Jan. 8 projected the Turkish economy would grow 3 percent in 2020 and 4 percent in 2021, rebounding from earlier financial turmoil at a faster pace than expected as domestic demand improves.

The bank revised its previous forecast that Turkey would contract 1 percent in June 2019 to 0 percent in its latest Global Economic Prospects report.

It was a long and arduous road to recovery for Pervanic, but now, in 2019, he's the founder and main driving force behind Most Mira (Bridge of Peace), an international organisation currently focused on peace-building in Bosnia and Herzegovina, specifically among young people.

Economic growth will decelerate across advanced and emerging market economies, Moody's has said, noting that contractions in Turkey and Argentina, as well as a slowdown in China amid an escalation in trade war, will pull down aggregate G-20 emerging growth in 2019.

The economic cost of climate-related disasters hit $2.25 trillion over the last two decades, an increase of more than 150 percent compared to the previous 20 years, the UN said Wednesday, reports AFP. 

The United Nations Office for Disaster Risk Reduction (UNISDR) noted that "climate change is increasing the frequency and severity of extreme weather events" such as floods and storms.

The number of people living on less than $1.90 a day has fallen to record low of about 655 million - or 9 percent of the world's population - but a global target of ending extreme poverty by 2030 is unlikely to be met, the World Bank said on Sept. 19.

Seven emerging economies are at risk of a crisis in the exchange rate. They are Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine, experts from Nomura Holdings, quoted by Bloomberg, said in an interview.