World Bank

It will take Ukraine between 50 and 100 years to get to the same level of economic development as its European partners, the World Bank has revealed, as it called on Kiev to boost reforms further.

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.

Russia is well-positioned to withstand external shocks, The World Bank said in its most recent version of Russia Economic Report, cited by TASS.

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.

The growth of the global economy appears to have peaked, according to a new report from the World Bank. The report shows a lack of investments, a slowdown in productivity and tightening monetary policy.

To boost the global economy’s shift to cleaner energy, the World Bank announced on Tuesday it will stop the financing of oil and gas exploration and extraction starting from 2019.