World Bank lending surges to financial crisis levels in 2015

The World Bank stated that the bank’s lending to developing countries in 2015 surged to the highest level seen since the financial crisis in 2008-2009, according to media reports. The financial difficulties encountered by developing countries were attributed to steep declines in oil and other commodity prices as well as the persistently slowing Chinese economy.
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According to a statement by the World Bank, lending to emerging-market and low income economies reached $42.4 billion, up from $40.8 billion in 2014.

Meanwhile, the World Bank recently lowered its economic growth forecasts for the East Asia and Pacific region to 6.3% for 2016 and 6.2% for 2017 from 6.4% and 6.3% due to volatile financial markets.