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Pedestrians walk past the headquarters of World Bank in Washington D.C., capital of the United States, Jan. 17, 2012. With global economic growth prospects dampened by the ongoing eurozone crisis, the World Bank has sharply lowered its global economic growth forecast and suggested effective policy actions from different countries. (/Fang Zhe)WASHINGTON, Jan. 17 () -- With global economic growth prospects dampened by the ongoing eurozone crisis, the World Bank has sharply lowered its global economic growth forecast and suggested effective policy actions from different countries.The Washington-based organization on Tuesday lowered its global economic growth rate prediction to 2.5 percent in 2012 from its previous estimate of 3.6 percent in June 2011.Developing countries should prepare for further downside risks, as the eurozone debt problems and weakening growth in several big emerging economies are dimming global growth prospects, the World Bank said in its newly-released flagship report "Global Economic Prospects (GEP) 2012"."The world economy has entered a very difficult phase characterized by significant downside risks and fragility," the report said.The bank has lowered its growth forecast for 2012 to 5.4 percent for developing countries and 1.4 percent for high-income countries, down from its June estimates of 6.2 percent and 2.7 percent respectively.Global growth is now projected at 3.1 percent for 2013, down from its previous estimate of 3.6 percent.The eurozone is predicted to register an output contraction of 0.3 percent in 2012, before picking up steam to grow 1.1 percent in 2013 as a result of the ongoing eurozone debt crisis."The financial turmoil generated by the intensification of the fiscal crisis in Europe has spread to both developing and high-income countries, and is generating significant headwinds," the report said.The U.S. economy is predicted to grow 2.2 percent and 2.4 percent in 2012 and 2013 respectively, down from the World Bank's June estimates of 2.9 percent and 2.7 percent respectively.The forecast for the Chinese economy has also been lowered to 8.4 percent and 8.3 percent for 2012 and 2013 respectively. The previous estimates were 8.7 percent and 8.8 percent respectively.Slower growth is already indicated by weakening global trade and commodity prices. Global exports of goods and services expanded an estimated 6.6 percent in 2011, down from 12.4 percent in 2010, and are projected to rise by only 4.7 percent in 2012, the World Bank said.Moreover, global prices for energy, metals and minerals, and agricultural products plunged 10 percent, 25 percent and 19 percent, respectively, compared with their peaks in early 2011, the World Bank said."The downturn in Europe and weaker growth in developing countries raises the risk that the two developments reinforce one another, resulting in an even weaker outcome," the report said."Developing countries need to evaluate their vulnerabilities and prepare for further shocks, while there is still time," Justin Yifu Lin, the World Bank's chief economist and senior vice president for Development Economics, said in a World Bank statement Tuesday issued in line with the report.Developing countries have less fiscal and monetary space for remedial measures after the onset of the financial crisis in 2008. As a result, their ability to respond may be constrained if international finance dwindles and global conditions deteriorate sharply, the World Bank warned.To counter that, "Developing countries should pre-finance budget deficits, prioritize spending on social safety nets and infrastructure, and stress-test domestic banks," Hans Timmer, director of Development Prospects at the World Bank, said in the statement.The global economic scenario is different from that six months ago, and developing countries should use their existing policy room as efficiently as possible to cope with downside risks, Andrew Burns, manager of Global Macroeconomics and lead author of the report, told reporters Tuesday in a conference call prior to the release of the report."The importance of contingency planning cannot be stressed enough," Burns said, adding that an escalation of the crisis would spare no one and that the growth rates in developed and developing countries could fall by as much or even more than those in 2008 and 2009.The medium-term challenges represented by high deficits and debts in Japan and the United States, and the trend of slow growth in other high-income countries have not been resolved and could trigger sudden adverse shocks, the World Bank cautioned. Related:Yearender: Out of debt crisis grows new momentum for global economic rebalancing by Wang Fan, Xie Peng BEIJING, Dec. 13 () -- When the history books are written, "debt" is sure to dominate the story of the 2011 world economy.Back in 2009, the financial meltdown provided a cautionary tale that the deficit-financed growth model, which used to be the order of the day, could not go on forever. Two years on, the debts that once wreaked havoc on the global financial system have not gone away, but been passed on to governments from the private sector.Full StoryExperts pessimistic over global economic outlook: survey GENEVA, Nov. 16 () -- A majority of experts remain pessimistic over global economic outlook and global governance over the next year, according to a quarterly survey released by Geneva-based World Economic Forum (WEF) on Wednesday.Full Story? Special Report: Global Financial Crisis
DAMASCUS, Feb. 21 () -- The West has chosen economy as a "suitable entrance" to deepen the Syrian crisis after the failure to enflame the situation through other ways, a Syrian economic expert, Adnan Abdul-Razzak, told  in a recent interview.The Western countries have tried many scenarios in Syria to deepen the crisis, Abdul-Razzak said, and the last-ditch attempt was to throttle the country's economy.However, the expert predicted that their attempts would not work. "They tried to test Syria through many aspects. They tried the social gate and tried to foment sectarian rifts. But all their attempts were to no avail," he said."They even tried the UN Security Council, but they also reached a deadlock... Now there is nothing left other than the economic door to knock on given its unparalleled significance," he added.Abdul-Razzak said he believed that the economic pressures aim to undermine Syria's infrastructure and to control the course of events.Due to the economic sanctions imposed by the United States, the European Union and some Arab countries against Syria, most of the economic agreements signed previously between Syria and a number of foreign countries have been brought to a standstill, which has deprived the country of lucrative economic revenues, Abdul-Razzak said.The Western sanctions have targeted a number of important sectors in Syria, mainly the oil and banking sectors. The losses of Syrian oil sector are estimated at more than 11 million U.S. dollars per day.Syria's daily oil output is estimated at 380,000 barrels, part of which was exported to Europe to earn for the treasury around 11 million dollars.Syrian Oil Minister Sufian Allaw recently told  that Syria's oil sector has lost more than 2 billion U.S. dollars due to the economic sanctions and sabotaging acts against oil facilities.Abdul-Razzak slammed the sanctions as "immoral," saying that the biggest victims of the sanctions are the Syrian citizens, as the prices of basic foodstuff have skyrocketed while some other goods have become unavailable in the market.This situation has created a suitable atmosphere for increased monopoly, an issue that has overburdened the citizens, he said.The economic sanctions have also led to a 40-percent depreciation of Syrian pound and a 20-percent growth in the inflation.Abdul-Razzak said he believed that there are other foreign and internal factors, including the government's monetary policy, contributing to the depreciation of Syrian pound.Tourism, a main source of foreign currency for Syria, was affected most by the Syrian crisis, Abdul-Razzak said, noting that the sector had barely revenue in 2011 although the government had made efforts to attract tourists.However, Abdul-Razzak showed an upbeat mood about the future, saying that the Syrian economy is still vigorous and trustworthy and there are some alternative markets for the Syrian products.The central bank of Syria has a sufficient reserve of foreign currency and gold, which would appease concerns about a possible economic collapse in the country, Abdul-Razzak said."The Syrian economy would not collapse in the foreseeable future," he said, calling on the Syrian government to take rigorous and rational measures to protect the economy.
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WASHINGTON, Nov. 23 () -- The United States on Wednesday applauded the power transfer deal reached between the Yemeni government and the opposition, calling for its swift implementation."This agreement marks a significant step forward for the Yemeni people in their quest for a unified, democratic, secure and prosperous country," State Department spokesman Mark Toner said at a regular news briefing."We urge all parties within Yemen to refrain from violence and to move swiftly to implement the terms of the agreement in good faith and with transparency, including credible presidential elections within 90 days," he said.He said that the U.S., in coordination with its international partners, will continue to closely monitor and support Yemen's political transition.Under the power transfer deal signed by Yemeni President Ali Abdullah Saleh and the opposition in Saudi Arabia's capital of Riyadh on Wednesday, the president would resign and hand over power to his deputy Abd-Rabbu Mansour Hadi in return for immunity from prosecution. Hadi would then form an opposition-led national government and arrange presidential elections in 60 days.Saleh had agreed to sign the deal brokered by the Gulf Cooperation Council three times, but backed out at the last minute.UN Secretary-General Ban Ki-moon said on Wednesday that Saleh has told him he would travel to New York for medical treatment after signing the power transfer deal.Toner said that his department has not received any formal travel requests from the president.Yemen was plunged into turmoil in late Jan. this year when anti- government protests broke out, calling for an end to Saleh's 33- year rule.
HARARE, Feb. 29 () -- Zimbabwe Warriors opened their 2013 Africa Cup of Nations campaign on a poor note after losing 2-1 to Burundi in a match played at St Louis in Bujumbura on Wednesday, local media ZBC News reported.Burundi opened the score sheet through Mavugo Lody in the 46th minute before Knowledge Musona found the equaliser in the 68th minute.Burundi however scored the second goal of the afternoon through Valery Nahayo in the 89th minute to break Zimbabwean hearts.Meanwhile, Nigeria were held to a nil-all draw by Rwanda in another match played in Kigali, while the DRC recorded a 4-0 victory over Seychelles.
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BEIRUT, July 6 () -- Saudi ambassador to Lebanon Ali Awad Assiri said on Friday that his country's recent warning to its citizens against traveling to Lebanon is not a political decision, the National News Agency (NNA) reported.Assiri told the NNA that the travel warning is issued due to the recent security incidents in Lebanon, including the burning of tires and blocking of roads, and urged the Lebanese leaders to exert efforts to preserve stability and security in the country.Meanwhile, the envoy told MTV channel that "some Saudis were kidnapped and robbed in Lebanon and the perpetrators were identified but have not been arrested until the moment."According to Assiri, a Saudi man was robbed of 250,000 U.S. dollars and the culprits have been identified but are still at large."Due to the unstable security situation in Lebanon, the foreign ministry warns Saudi citizens against traveling to Lebanon ... until further notice," an unidentified high-ranking official in the ministry told the NNA.In May, the United Arab Emirates, Qatar, Bahrain and Kuwait advised their citizens to avoid traveling to Lebanon and urged their nationals in Lebanon to leave country due to the unstable security situation.
? Robert Mood arrived in Damascus Sunday afternoon to head a UN ceasefire observer mission.?? UNSMIS consists of up to 300 military observers, assigned by the UNSC to monitor a cease-fire.???The observers are also tasked with supporting a six-point peace plan in Syria proposed by Annan.?Major General Robert Mood of Norway (R) arrives in the Syrian capital of Damascus,on April 29, 2012. Mood is to head a UN cease-fire observer mission, aimed at bringing an early end to the 13-month-old crisis in Syria. (/Hazim)?DAMASCUS, April 29 () -- Major General Robert Mood of Norway arrived in the Syrian capital of Damascus Sunday afternoon to head a UN cease-fire observer mission, aimed at bringing an early end to the 13-month-old crisis in Syria.Upon arrival at Damascus international airport, Mood expressed his "most sincere condolences to all Syrian families who have lost loved ones during violence.""The mission is going to build on what the advance team has achieved," he said, adding "we will work for the full implementation of Kofi Annan's six-point plan as agreed by the Syrian Arab republic."Mood said the team has now 30 observers and the number will double within the coming days, and will reach 300 later. However, observers' spokesman Neeraj Singh stressed to  that the number on ground is now still 15 not 30.Meanwhile, Mood said the focus of his mission is "to engage all parties to achieve successful Kofi Annan's plan.""We want to have a combined efforts focusing on the welfare of the Syrian people ... true cessation of violence in all its forms, " he said, adding that he will work with all parties to achieve this goal and achieve the "legitimate concerns and aspirations of the Syrian people."Mood said the observers will come from many nations, but added that they alone "cannot solve all the problems ... so I call on all parties to help us and to cooperate with us in this very challenging task."To make Annan's mission a success, "I call on all to stop the violence and to help us on a continued cessation of armed violence ... together we can make it ... we have that choice," he said.On Friday, UN Secretary General Ban Ki-moon announced the appointment of Mood as the Chief Military Observer and Head of Mission of the UN Supervision Mission in Syria (UNSMIS), according to Ban's spokesperson Eduardo Del Buey.UNSMIS is a mission consisting of up to 300 military observers, assigned by the UN Security Council with the task of monitoring a cease-fire between the Syrian government and the opposition forces.The observers are also tasked with supporting a six-point plan for peace in Syria proposed by Annan, whose peace plan calls for the withdrawal of heavy weapons and troops from population centers, a daily halt in fighting for the delivery of humanitarian aid and treatment for the wounded, as well as talks between the government and the opposition.The advance team of observers arrived in Syria 11 days ago to set the ground for the larger mission and to establish liaison with all concerned parties in the crisis. They also came to monitor the truce that practically went into effect on April 12.However, since their arrival, the rate of violence has been notably amplified with reports of more assassinations, kidnappings and explosions, which had hit headlines almost every day.Related:Security Council decides to send up to 300 unarmed UN military observers to SyriaUNITED NATIONS, April 21 () -- The UN Security Council on Saturday unanimously decided to approve the deployment to Syria of up to 300 unarmed UN military observers in order to monitor a fragile ceasefire between the Syrian government forces and armed opposition fighters.Full storyBombings in Syria put UN-backed initiative at stakeDAMASCUS, April 27 () -- A string of bombings hit the Syrian capital of Damascus on Friday, leaving at least 11 people killed. The surge in violence dealt a tough blow to a peace plan brokered by the Arab League (AL)-UN joint envoy Kofi Annan.About four bombings hit Damascus Friday, the deadliest of which took place in the central al-Midan neighborhood, when a suicide bomber blew himself up near a security forces' bus stationed under a bridge near a mosque apparently to prevent worshipers from staging anti-government protests, witnesses said.? Full storySpecial Report: Syrian Situation
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