The World Bank has agreed to provide USD 900 million financial aid to Pakistan which has been hit by devastating floods affecting 14 million people and leading to crop loss estimated at USD 1 billion. "The Government of Pakistan has requested around USD 900 million of financial support from the World Bank, which we have committed to provide," the World Bank said in statement. The current floods have claimed over 1700 lives...

The global youth unemployment rate is at a record high and is expected to climb even higher as the year progresses, the United Nations International Labour Organization (ILO) announced today. According to a new report, of the world’s 620 million economically active youth between the ages of 15 and 24, 81 million were out of work at the end of 2009, the highest number ever. The youth unemployment rate climbed from 11.9...

The United Nations labour agency is calling for urgent action to tackle the crisis of youth unemployment, which has increased significantly in the wake of the global economic slowdown and has repercussions for the economy as well as social cohesion. Young people – those aged 15 to 24 – account for over 22 per cent of the increase in the number of unemployed since the beginning of 2007 and is...

The rapid growth of emerging economies has led to a shift in economic power: forecasts based on analysis by late economist Angus Maddison suggest that the aggregate economic weight of developing and emerging economies is about to surpass that of the countries that currently make up the advanced world. According to Perspectives on Global Development: Shifting Wealth, a new publication from the OECD Development Centre, the economic and financial crisis is...

Batten down the hatches? Pull out all the stops? It might be difficult to find the cliché that adequately emphasises the urgency with which the government needs to tackle inflation. The worry is not just that May inflation was in double digits (10.16 per cent). It is also a fact that prices of commodities other than food are now beginning to gallop. Inflation in non-food manufactured products (often referred to...