The World Bank is an international financial organization founded in 1945 to provide financial and technical assistance to developing countries. Today, its main goals are to reduce poverty and build shared prosperity.
The volume of money sent by foreign workers to their home countries reached a record-breaking $529 billion last year, and is set to become the main source of external financing for those states in 2019, the World Bank reports.
The growth of the global economy is expected to decelerate to 2.9 percent this year compared with three percent in 2018, the World Bank said in a report, citing elevated trade tensions and international trade moderation.
Despite progress in reducing extreme poverty, the number of poor worldwide is still “unacceptably high,” according to a World Bank report, which showed that billions of people still struggle to meet basic needs.