Sep 23, 2018

The share of the world in extreme poverty is shrinking

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World Bank changes hiring rules after asking Taiwanese staff to get Chinese passports

World Bank President David Malpass. Photo: Mandel Ngan/AFP via Getty Images

The World Bank has revised its staff rules after Axios reported in December that the bank had asked Taiwanese employees to obtain Chinese passports.

Why it matters: The revised rule, issued on Dec. 19, states that the World Bank gives hiring preference to nationals from member states, but does not prohibit hiring non-member state nationals. China has sought to squeeze out Taiwanese nationals from international institutions. The World Bank's new rules represent a compromise position.

Go deeperArrowJan 9, 2020

World Bank cuts growth forecast for fourth time in a row

Photo: Win McNamee/Getty Images

The World Bank cut its global growth forecast for the fourth straight time on Wednesday, reducing expectations by 0.2 percentage points each year for 2019, 2020 and 2021.

"Global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year’s significant weakness but downward risks persist. ... U.S. growth is forecast to slow to 1.8% this year, reflecting the negative impact of earlier tariff increases and elevated uncertainty."
— World Bank statement on its Global Economic Prospects report
Go deeperArrowJan 9, 2020

Congress seeks answers from World Bank over hiring rules for Taiwan nationals

World Bank President David Malpass. Photo: Indraneel Chowdhury/NurPhoto via Getty Images

Congress asked the World Bank to clarify its hiring practices, following an Axios report in December that revealed the international financial institution told staff, contractors and consultants from Taiwan to present Chinese travel documents to maintain or pursue employment.

What's new: Bipartisan leadership on the Foreign Affairs Committees in both chambers sent a letter to World Bank President David Malpass on Jan. 7, citing concern that the rule could be considered "discrimination based on nationality," which would be inconsistent with the World Bank Group's Code of Conduct and Articles of Agreement.

Go deeperArrowJan 10, 2020