Global Commodity Prices Set to Fall Through 2026 Amid Historic Oil Glut
WASHINGTON, October 29, 2024—Global commodity prices are set to tumble to a five-year low in 2025 amid an oil glut that is so large that it is likely to limit the price effects even of a wider conflict in the Middle East, according to the World Bank’s latest Commodity Markets Outlook. Even so, overall commodity prices will remain 30% higher than they were in the five years before the COVID-19 pandemic.
As we mark World Cities Day, we are reminded that livable cities are key to a livable planet.
For most of us, cities are our homes and workplaces. Today, nearly 60% of the world’s population lives in cities—a share that will rise to almost 70% by 2050. Cities are also a key driver of national growth and development, accounting for more than 80% of global GDP and almost 90% of private sector job creation.
This piece originally appeared in the Financial Times.
The world’s poorest countries are in a development crisis and need greater access to affordable financing (Opinion, October 1; and Letters, October 11).
IDA, the World Bank’s concessional financing facility for these countries, has a proven track record for providing this support and its upcoming replenishment is a moment for the international community to match their stated concern with a stepped-up financial contribution. We urge finance ministers of the G20 countries to lead this effort and increase contributions to the 21st replenishment of the International Development Association (IDA21).
The World Bank Group’s journey to become a better, bigger, and more effective Bank has 
advanced at a rapid pace. That progress—and a new focus and ambition on jobs—was on full display at the Annual Meetings.
Guarantee will free up additional financing to support crucial projects
WASHINGTON, October 25, 2024—Japan signed a $1 billion portfolio guarantee agreement on Friday that will scale up financing from the International Bank for Reconstruction and Development for projects that address global challenges.
New targets aim to accelerate use of broadband internet, social protection programs, and capital by 2030
WASHINGTON, Oct. 24, 2024 – The World Bank Group today took the first steps toward implementing Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities for more women.
In 2023, India experienced the hottest February since 1901, the first year the country’s
Meteorological Department started its weather records. Extreme weather events like this are becoming frequent and are expected to get worse due to climate change. India is among the countries most affected by the impacts of extreme weather events.
Domestic food price inflation remains high in many low- and middle-income countries. Inflation higher than 5% is experienced in 77.3% of low-income countries (18.2 percentage points higher since the last Update on June 27, 2024), 54.3% of lower-middle-income countries (8.7 percentage points lower), 44% of upper-middle-income countries (8.0 percentage points higher), and 10.7% of high-income countries (0.2 percentage points lower). In real terms, food price inflation exceeded overall inflation in 55.6% of the 167 countries where data is available.
Download the latest brief on rising food insecurity and World Bank responses
The World Bank Group has set a clear mission: ending poverty and boosting shared 
prosperity on a livable planet. This report offers the first post-pandemic assessment of global progress toward these interlinked goals, and explores potential pathways out of today’s polycrisis – an environment where multiple and interconnected challenges are impacting the world simultaneously. The report’s messages are presented around progress in terms of the goals, pathways to move forward, and priorities depending on where countries stand on the interlinked goals.
Washington, D.C, October 24, 2024 — Spain has announced an early financial commitment of €400 million to the International Development Association, the World Bank’s fund for low-income countries. This is a 37% increase compared to the previous IDA replenishment cycle and underscores Spain’s continued commitment to sustainable development worldwide. This raises Spain’s total contribution to over €5 billion since IDA’s creation.
Netherlands for the World Bank 
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