Provides access to basic information on all of the World Bank's lending projects from 1947 to the present. The World Bank Group works in every major area of development. Growth in Sub-Saharan Africa (SSA) is projected to slow to 3.7 percent this year reflecting forecast downgrades in over 60 percent of regional economies. Global growth is projected to decelerate in 2022 and 2023 Contributions of major economies to global growth Source: World Bank. 4.16. Russia has blockaded Ukraine's major Black Sea ports, making it extremely dangerous for shipping vessels carrying grain and other products to travel the key maritime pathway connecting Ukraine to the rest of the world. The Laspeyres formula is generally used. 22. This site uses cookies to optimize functionality and give you the best possible experience. 10. 16. 21. Explore purchasing power parities (PPPs), price levels, economic data and the methodology behind the world's largest statistical partnership. World inflation rate for 2021 was 3.42%, a 1.5% increase from 2020. Shaded area indicates forecasts. Open Finances Explore raw data about the World Bank Group's finances, including disbursements and management of global funds. Got a confidential news tip? 5. Shaded area indicates forecasts. Consensus forecasts anticipate median global inflation to remain elevated in 2022. The consumers price index rose 2.2 percent in the September 2021 quarter, the biggest quarterly movement since a 2.3 percent rise in the December 2010 quarter, Stats NZ said today. World inflation rate for 2018 was 2.44%, a 0.25% increase from 2017. Excluding China, the rebound in this group of countries is anticipated to be a more modest 4.4%. Results may be inappropriate (e.g., summing series expressed as a percentage) and caution should be observed when using this function. Domestic challenges include continued labor shortages, the risk of higher inflation, and heightened financial sector risks. HICP Inflation forecasts Inflation is defined as the year on year percentage change in the euro area all items Harmonised Index of Consumer Prices (HICP), as published by Eurostat . The proportion of the worlds population living in extreme poverty has dropped significantly. Consumer Price Index CPI in Australia is expected to be 130.52 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 270. Mean point estimates (all survey rounds) Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Figure shows the percent deviation between the latest projections and forecasts released in the January 2020 edition of the Global Economic Prospects report. Possible Omicron-driven growth outcomes for 2022. To sustain economic growth at the desired rate, Vietnam needs to increase productivity by 2-3 percent every year. said Carolyn Turk, World Bank Country Director for Vietnam. Middle East and North Africa: Economic activity in the Middle East and North Africa is forecast to advance by 2.4% this year and 3.5% next year. The 2020 global recession brought about the smallest inflation decline and the fastest subsequent inflation upturn of the last five global recessions. All statistical news for this statistic Tables and graphs Consumer Price Index (CPI) Earlier this month, the World Bank projected that Ukraine's annual GDP would fall by 45.1%, an astonishing figure for a country of more than 40 million people. Economic losses from weather and climate disasters. The query also holds learning outcome data from international learning assessments . Hanoi, Aug. 8, 2022Vietnams economic recovery accelerated over the last six months on the back of resilient manufacturing and a robust rebound in services. WASHINGTON, June 8, 2021 The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. This underscores the importance of strengthening global cooperation to foster rapid and equitable vaccine distribution, calibrate health and economic policies, enhance debt sustainability in the poorest countries, and tackle the mounting costs of climate change. Free and open access to global development data, International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building, World Bank Development Report: Finance For An Equitable Recovery. South Asia: Economic activity in the region is projected to expand by 6.8% in 2021 and 6.8% in 2022. Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries. For 2023, the January 2020 baseline is extended using projected growth for 2022. Sign up for free newsletters and get more CNBC delivered to your inbox. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. 2. The primary World Bank collection of development indicators, compiled from officially-recognized international sources. However, the recovery in many countries is being held back by a resurgence of COVID-19 cases and lagging vaccination progress, as well as the withdrawal of policy support in some instances. A one-stop source of data on household consumption patterns in developing countries. Official exchange rate. The World Bank is "preparing for a continued crisis response, given the multiple crises," Malpass told reporters. World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially recognized international sources. To match average higher education enrollment levels in upper-middle economies, 3.8 million Vietnamese students would need to be enrolled in higher education institutions, almost twice as many as enrolled in 2019. 9. Global data and statistics, research and publications, and topics in poverty and development, Foreword by World Bank Group President David Malpass, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects. Over 3 billion people cannot afford a healthy diet and most live in lower-middle-income countries. This site uses cookies to optimize functionality and give you the best possible experience. 18. An analytical section of the Global Economic Prospects report examines how lowering trade costs such as cumbersome logistics and border procedures could help bolster the recovery among emerging market and developing economies by facilitating trade. East Asia and Pacific: Growth in the region is projected to accelerate by 7.7% in 2021 and 5.3% in 2022. Aggregates are calculated using real U.S. dollar GDP weights at average 2010-19 prices and market exchange rates. To learn more about cookies, click here. This Ukraine crisis financing package is even larger than the one the World Bank organized for Covid-19 relief, which topped out at $160 billion. Yellow lines denote the range of the downside scenario in which economies (18 advanced economies and 22 EMDEs) face a range of unanticipated pandemic shocks, scaled from about one tenth to about two-tenths of the size of those from the first half of 2020. For more, see regional overview. Notes 1: The Outlook Report may be released at the beginning of the months following those listed above depending on schedule adjustments. In the financial sector, close monitoring and strengthening non-performing loan reporting and provisioning as well as adopting an insolvency framework would be recommended. Countries from The World Bank: Data. World Development Indicators: Exchange rates and prices. Companies. of the authors. 13. GDP growth is forecast to surge from an estimated 2.6 percent in 2021 to 7.5 percent in 2022, while inflation is projected to average 3.8 percent over the year, a World Bank economic update for Vietnam released today says. Senior Economist, World Bank Prospects Group, Senior Economist, Prospects Group, World Bank. Oct 19, 2022 pi beta phi creed recount wotlk classic. Rising food prices and accelerating aggregate inflation may also compound challenges associated with food insecurity in low-income countries. All agencies predicted that CPI inflation in 2023 will be 0.8-1.5% higher compared to the Federal Reserve target of 2%. Another section of the report provides an analysis of the rebound in global inflation that has accompanied recovering economic activity. If upside risks to inflation materialize -- with core inflation accelerating and the consumer price index moving above the 4 percent target set by the government -- the State Bank of Vietnam should be ready to pivot to monetary tightening to quell inflationary pressures through interest rate hikes and tighter liquidity provision. Hazards are associated with natural, geophysical, meteorological, climatological, hydrological, and biological events. The World Bank EdStats Query holds around 2,500 internationally comparable education indicators for access, progression, completion, literacy, teachers, population, and expenditures. Sources: Consensus Economics; World Bank.Note: Figure shows the Consensus forecast for median headline CPI inflation for 2021-22 based on December 2021 and May 2021 surveys of 32 advanced economies and 50 EMDEs. Results may be inappropriate (e.g . The reports include three-year forecasts for the global economy and long-term global scenarios which look ten years into the future. Consumer Price Index CPI Forecast 2022/2023 - was last updated on Thursday, November 10, 2022. While global inflation is likely to continue to rise over the remainder of this year, inflation is expected to remain within target ranges in most inflation-targeting countries. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Low-income economies are forecast to expand by 2.9% in 2021 before picking up to 4.7% in 2022. Other factors behind the slowdown in growth from January's forecast include higher food and fuel costs being borne by consumers in developed economies. 1. Gender Equality Data & Statistics. Efforts to streamline trade processes and clearance requirements, to enable better transport infrastructure and governance, encourage greater information sharing, and strengthen competition in domestic logistics, retail, and wholesale trade could yield considerable cost savings. Inflation forecast is measured in terms of the consumer price index (CPI) or harmonised index of consumer prices (HICP) for euro area countries, the euro area aggregate and the United Kingdom. As the health crisis eases, policymakers will need to address the pandemics lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability.. Aggregates are calculated using real U.S. dollar GDP weights at average 2010-19 prices and market exchange rates. Instead, policies focusing on scaling up social safety net programs, improving logistics and climate resilience of local food supply would be more helpful. In the long-term, the United States Consumer Price Index (CPI) is projected to trend around 306.26 points in 2023 and 312.08 points in 2024, according to our econometric models. Severe natural disasters and climate-related events could also derail the recovery in EMDEs. Data. The Outlook Report presents the Bank's outlook for developments in economic activity and prices, assesses upside and downside risks, and outlines its views on the future course of monetary policy. The model generates nowcasts of monthly inflation, and these are combined for nowcasting current-quarter inflation. Emerging market and developing economies as a group are forecast to expand 6% this year, supported by higher demand and elevated commodity prices. Supply disruptions to Ukrainian agricultural exports are also cited as contributing factors to pushing prices higher. Different agencies' predictions differ, putting US CPI inflation within the range of 7.0% to 8.1% percent in 2022 and around 2.8-3.5% in 2023. 15. Growth in low-income economies this year is anticipated to be the slowest in the past 20 years other than 2020, partly reflecting the very slow pace of vaccination. 3. Russia's economy is also taking a major hit, largely due to the impact of NATO- and Western-backed sanctions and trade embargoes. The groups output level in 2022 is projected to be 4.9% lower than pre-pandemic projections. Deviation of output from pre-pandemic trends. More than half of inflation-targeting EMDEs experienced above-target inflation in 2021, prompting central banks to increase policy rates. Summary. Oct/22. Malaysia Consumer Price Index (CPI) - September 2022 Data - 1972-2021 Historical Malaysia Consumer Price Index (CPI) Consumer Price Index CPI in Malaysia increased to 128.20 points in August from 127.90 points in July of 2022. source: Department of Statistics, Malaysia 1Y 5Y 10Y 25Y MAX Chart Compare Export API Embed 197001 197002 197003 197004 197005 197006 197007 197008 197009 197010 197011 197012 . Reforms to Vietnams higher education system could help support development objectives, the report says. DEC alternative conversion factor. World inflation rate for 2019 was 2.19%, a 0.25% decline from 2018. . Consumer Price Index CPI in the United States is expected to be 300.55 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. All Rights Reserved. Source: World Bank.Note: EMDEs = emerging market and developing economies. Provides a listing of available World Bank datasets, including databases, pre-formatted tables, reports, and other resources. 12. Unless risks from record-high debt are addressed, these economies remain vulnerable to financial market stress should investor risk sentiment deteriorate as a result of inflation pressures in advanced economies.. The slowdown in global growth from 2021 to 2022 could be sharper if the fast spread of Omicron overwhelms health systems and prompts a re-imposition of strict pandemic control measures in major economies. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. A competitive workforce will generate much-needed efficiency for Vietnam in the long term.. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Bank of England: 2.25% (September 2022) Gradual increase in rates over 2022: Nov-03: Chart of the month. The World Bank Group works in every major area of development. Vietnams economy expanded 5.2 percent[1] in Q4-2021, 5.1 percent in Q1-2022, and 7.7 percent in Q2-2022, as consumers satisfied pent-up demand and foreign tourist arrivals picked up, according to the report, Taking Stock: Educate to Grow, the World Banks bi-annual economic outlook for Vietnam. The report argues that transforming the higher education system will be key to boosting Vietnams productivity and help achieve its goal of becoming an upper-middle-income country by 2035 and high-income country by 2045. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Download Historical Data However, many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank says in its June 2021 Global Economic Prospects. "Over the next few weeks, I expect to discuss with our board, a new 15-month crisis response envelope of around $170 billion to cover April 2022 through June 2023.". 8. Sources: Oxford Economics; World Bank.Note: AEs = advanced economies; EMDEs = emerging market and developing economies. Among major economies, U.S. growth is projected to reach 6.8% this year, reflecting large-scale fiscal support and the easing of pandemic restrictions. Global data and statistics, research and publications, and topics in poverty and development, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects, https://www.facebook.com/worldbankvietnam, Download the Report" Vietnam Economic Update, August 2022, Infographic: Vietnam Economic Update, August 2022, Speech by Carolyn Turk, Country Director for the World Bank in Vietnam. For optimum experience we recommend to update your browser to the latest version. Contributions of major economies to global growth. 7. For more, see regional overview. We want to hear from you. Provides an understanding of Open Data and how to get "up to speed" in planning and implementing an open data program. This forecast in the near-term is based on announced price changes by energy companies and affected by the Ofgem energy price cap. In those emerging market and developing economies where inflation rises above target, a monetary policy response may not be warranted provided it is temporary and inflation expectations remain well-anchored. Per capita income in many emerging market and developing economies is also expected to remain below pre-pandemic levels, and losses are anticipated to worsen deprivations associated with health, education and living standards. Provides access to data collected through sample surveys of households, business establishments or other facilities. For more, see regional overview. If you continue to navigate this website beyond this page, cookies will be placed on your browser. 230. Index 2010=100, Annual, Not Seasonally Adjusted 1960 to 2014 (2018-09-21) Index 2010=100, Annual, Not Seasonally Adjusted 1960 to 2015 (2018-09-21) To learn more about cookies, click here. Exchange rates and prices. Still, the damage that Russia's invasion of Ukraine has caused to the global economy pales in comparison to the catastrophic effect it has had on the economy of Ukraine, and to a lesser extent that of Russia. World inflation rate for 2020 was 1.92%, a 0.27% decline from 2019. Global cooperation is needed to accelerate progress toward meeting the goals of the Paris Agreement on Climate Change, and to reduce the economic, health, and social costs of climate change, many of which are born disproportionately by vulnerable populations. On a month-on-month basis, the increase of 2.73% is the highest in the series," Yes Bank said in a report. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. The average FY23 inflation was maintained at 6.7 percent, with risks being broadly balanced. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. BoE forecast . The largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia. International experiences have shown that higher workers productivity can be achieved by investing in the education system, as an important part of a basket of investments and reforms. For the forecast, we assume sterling will be flat, while global food and beverage prices are normally informed by World Bank forecasts. A Global Database of Inflation The World Bank's Prospects Group has constructed a global database of inflation. Pakistan Consumer Price Index (CPI) Summary Forecast Stats Download Consumer Price Index CPI in Pakistan increased to 194.42 points in October from 185.68 points in September of 2022. source: Pakistan Bureau of Statistics 1Y 5Y 10Y 25Y MAX Chart Compare Export API Embed Pakistan Consumer Price Index (CPI) The increasing financial costs of pursuing higher education and the perception of diminishing economic returns from pursuing higher education have weakened demand. Source: EM-DAT, CRED/UCLouvain, https://www.emdat.be; World Bank.Note: EMDEs = emerging market and developing economies. 170. National policy actions can also be tailored to promote investments in renewable energy and infrastructure and to foster technological development. To learn more about cookies, click here. Among emerging markets and developing economies, China is anticipated to rebound to 8.5% this year, reflecting the release of pent-up demand. The primary World Bank collection of development indicators, compiled from officially-recognized international sources. The (EURUSD) currency rate prediction is 1.6597328889067 USD for 2023 October 20, Friday; and 5.522 for 2027 October 20, Wednesday with technical analysis.. "/> university of michigan application fee. Provides access to comprehensive annual statistics on external debt stocks and flows for 120 developing countries. 14. While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world, said World Bank Group President David Malpass. After falling sharply in the first weeks of the war, the Russian ruble has recovered much of its value. Our inflation nowcasts are produced with a model that uses a small number of available data series at different frequencies, including daily oil prices, weekly gasoline prices, and monthly CPI and PCE inflation readings. 20. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Low-income economies are forecast to expand by 2.9% in 2021 before picking up to 4.7% in 2022. Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges. Euro / United States Dollar (EURUSD) rate forecast is 1.6597328889067. The database covers up to 196 countries over the period 1970-2022 (updated), and includes six measures of inflation in three frequencies (annual, quarterly, and monthly): Headline consumer price index (CPI) inflation Food CPI inflation World Bank President David Malpass told reporters on a conference call that the largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia, according to Reuters. Latin America and the Caribbean: Regional economic activity is expected to grow by 5.2% in 2021 and 2.9%. This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike. The indicators cover the education cycle from pre-primary to tertiary education. This site uses cookies to optimize functionality and give you the best possible experience. Inflation, consumer prices (annual %) from The World Bank: Data. But economists says this recovery is an illusion created by strict internal currency controls imposed by the Kremlin, which have falsely inflated the value of the ruble inside Russia. Citi sees UK CPI peaking at 18.6% in January. The CPIF (Consumer Price Index with fixed interest rate) 12-month inflation rate was 9.7 percent in September 2022, up from 9.0 percent in August. Vietnam's economy expanded 5.2 percent [1] in Q4-2021, 5.1 percent in Q1-2022, and 7.7 percent in Q2-2022, as consumers satisfied pent-up demand and foreign tourist arrivals picked up, according to the report, " Taking Stock: Educate to Grow ," the World Bank's bi-annual economic outlook for Vietnam. These are partly the result of Western sanctions on Russian energy, which have driven up the price of oil and gas worldwide. Europe and Central Asia: The regional economy is forecast to grow by 3.9% this year and 3.9% next year. World Bank Global Economic Prospects 2022. Photo credit: Victor Idrogo/World Bank, The content of this field is kept private and will not be shown publicly, https://www.linkedin.com/in/collettewheeler/. The system is further undermined by falling short of providing skills sought by employers, underinvestment by the state, and a weak and fragmented institutional structure governing higher education. Source: World Bank.Note: Figure shows the contribution to global growth forecasts over 2021-23, while the first bar shows the average contribution to growth in the 2015-19 period. Consumer Price Index for Argentina. Note: Figure shows the contribution to global growth forecasts over 2021-23, while the first bar shows the average contribution to growth in the 2015-19 period. Johannes Christo | Reuters WASHINGTON -- The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the. A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. lowered its annual global growth forecast, Midterm results are looking increasingly sunny for Biden as Democrats avoid red wave, Control of Senate hinges on handful of states that could take days or longer to resolve, Pivotal Georgia Senate race between Warnock and Walker headed to a runoff, secretary of state says, Midterm elections: Several key races are still too close to call, leaving control of U.S. Senate, House up in the air, Trump's favorite candidates disappoint on Election Day, raising questions about his 2024 pitch, Live updates Midterm elections: Democrat Shapiro wins Pennsylvania governors race, key Senate contest is too early to call, NBC projects, Republican J.D. An analysis and visualisation tool that contains collections of time series data on a variety of topics. The chart shows the average number of days that workers across the world want to work from home once the pandemic is over and all restrictions . We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Russian President Vladimir Putin on Monday insisted that Western powers had failed in what he called their "blitz" campaign of economic warfare against Russia. Policy Research Working Paper 8785 This paper presents a comprehensive examination of the Nz cpi forecast 2023. Given the nascent domestic recovery, the weakening global demand outlook, and heightened inflation risks, the report suggests a proactive response by the authorities. Risks include growth slowdown or stagflation in main export markets, further commodity price shocks, continued disruption of global supply chains, or the emergence of new COVID-19 variants.