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Added on the 10/11/2023 09:13:24 - Copyright : France 24 EN
Another economic forecast has painted a grim picture for global growth, shining a spotlight on the impact on developing economies. The World Bank's Global Economic Prospects report cuts forecasts for 95% of advanced economies and nearly 70% of emerging market and developing economies. David Malpass, World Bank Group President, told France 24 that high levels of inflation in Europe and the US "transmit into the developing countries," especially when it comes to energy and fertilizer prices.
Fifteen Asia-Pacific economies formed the world's largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under Donald Trump. FRANCE 24's International Affairs Commentator Douglas Herbert tells us more.
The Regional Comprehensive Economic Partnership (RCEP) signed by 15 countries encompasses around a third of world trading activity.
An Asian trade deal almost a decade in the making is set to be signed on Sunday. The Regional Comprehensive Economic Partnership will cement China's position as the main influence on trade in the region, leaving the US on the sidelines of two huge trade deals after Donald Trump pulled it out of the Trans-Pacific Partnership in 2017. Plus, investment bank Goldman Sachs has made progress in appointing more women and people from minority backgrounds as partners - but the majority of promotions are still given to white men.
'Heightened tensions and subdued investment' are weighing on the global economy, as the World Bank once again downgrades its economic outlook. Lead author Franziska Ohnsorge explains the impact of trade tensions, and how emerging economies are faring.
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