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<keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> are currently making a beeline for <keyword id="19894886" type="General" weightage="100" keywordseo="China" source="keywords">China</keyword>, enthused by the gush of <keyword id="23496485" type="General" weightage="20" keywordseo="financial-stimulus" source="keywords">financial stimulus</keyword> injected by the government into the Chinese economy. While this may have temporarily sent their stock markets soaring, a recent report by the <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="261" meta.entityid="World Bank">World Bank</keyword> notes that this might not be enough to push back the <keyword id="19904090" type="General" weightage="20" keywordseo="economic-slowdown" source="keywords">economic slowdown</keyword> that has already set in. China's growth rate is projected to slack further to 4.3% in 2025, down from its present rate of 4.8%. The <keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD" meta.hostid="261" meta.entityid="OECD">OECD</keyword> also expects the country's growth to slow down to 4.5% in 2025 Experts believe that the recent economic push by the government, which includes lowering reserve requirement ratio (RRR) by 0.5% to 6.6%, lowering mortgage rates, injecting $142 billion into banks, among others, are too little to sustain long-term recovery. Notably, lowering RRR frees up $140 billion for banks to lend, while reducing mortgages and minimum down payments for housing purchases are directed to spur up the Chinese real estate segment. Per <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword>, weak domestic demand, dwindling consumer confidence and spending and an endless real-estate crisis are some of the main reasons for the slowdown.The average Chinese citizen still grapples with job insecurity, stagnant salaries, and depreciating real estate and equity values. For instance, China's last public holiday of the year, the Golden Week, which ended on October 7 and commemorates the nation's founding, saw 2% less spending per domestic trip, as compared to pre-pandemic levels. "Low tourism spending per head and subdued services prices highlight the still weak domestic demand and continued consumption downgrading in the country,” the analysts at GS noted. <h2>Its all temporary</h2>The <keyword id="21360606" type="General" weightage="20" keywordseo="Hang-Seng-index" source="keywords">Hang Seng index</keyword>, which is up by 4.22% today, has been seeing a meteoric rise over the past few weeks. Inching up by a little over 24% over the last month, the Chinese markets have been seeing an significant influx of foreign investment, largely at the expense of other emerging markets like India. Foreign investors had offloaded shares worth Rs 27,142 crore between the first and third of this month, after foreign investments reached a staggering record-high of Rs 93,538 crore in September, as per NSDL data. Over the last 10 days, FIIs have constantly been net sellers, while DIIs have been net buyers. As of October 10th, DII (Domestic Institutional Investors) have put in Rs 50,183 crores in Indian markets, almost balancing out Rs 49,305.29 crore withdrawn by foreign investors. But whether this trend of FII inflow in China continues will largely depend on the fundamentals their economy, an area where India has an edge, thanks to strong confidence of domestic investors. Viram Shah, CEO of Vested Finance highlights that while the Hang Seng index's recent 26% surge over the last month has caught investors' attention, and while this bullish trend is expected to continue, driven by low Chinese stock valuations and hopes for economic improvement from government stimulus, there lies a long road ahead. "Foreign Portfolio Investors (FPIs) pulled out $5.4 billion from Indian equities over five consecutive sessions, ending Monday, October 7. While this suggests a possible rotation of funds from India to China, how long this shift will last will depend on the Chinese government’s ability to resolve the structural economic issues. While the market rally is encouraging, more policy steps are needed to boost economic activity and confidence in China", he added.

All eyes on China: Rush of foreign investors can do little to stave off a slowdown, says World Bank

<ul class="summary-list"><li>China's stimulus isn't enough to stem slowing GDP growth, the World Bank said this week.</li><li>Neighboring countries will see their growth contract after years of positive spillover effects.</li></ul>China's stimulus measures aren't enough to stem the decline of its economic fortunes, and the troubles facing the world's second-largest economy will also be a drag on its neighbors, a new report from the World Bank finds.The report, released Tuesday, says that China's outsized growth has had positive spillover effects on nearby developing economies for years. Yet, as China's growth slows amid a struggling economy and <a target="_blank" href="https://www.businessinsider.com/china-stimulus-fix-economy-xi-jinping-stock-market-2024-10">tepid stimulus efforts</a>, those countries will also see growth contract.The bank forecasts China's economic growth will slow to 4.3% next year, down from a forecasted 4.8% for 2024. Growth in East Asia and the Pacific, meanwhile, will slow to 4.4% in 2025 from about 4.8% this year as a result."For three decades, China's growth has spilled over beneficially to its neighbors, but the size of that impetus is now diminishing," the group said.The authors point in particular to developing economies in East Asia, which benefited from increasing demand from China for imports even as it competed heavily as an exporter of goods. China's neighbors saw positive spillover effects from increased Chinese demand for commodities and services and from the relocation of Chinese production to those countries, the report says.The authors estimate that a 1% increase in China's GDP per-capita growth was associated with a 0.13% increase in GDP per-capita in emerging markets between 2020 and 2023.But now, with China's domestic demand stuck in low gear, its neighbors will feel the impact of China's export strength more drastically."If China's exports grow faster than its imports, as has continued to be the case in manufacturing and overall trade, then the negative impact of increased competition may outweigh the positive impact of demand enhancement in international markets," the report says.It says that a one percent slowdown in China's growth could reduce GDP growth in neighboring developing economies by as much as 0.21%.The report from the World Bank comes shortly after officials in Beijing announced a round of stimulus measures last month, vowing to rescue the economy from a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3?utm_medium=ingest&amp;utm_source=markets">struggling property sector</a> and <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*arxr6l*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMS4xNzI4MzA4MzIyLjQxLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">weak consumer demand</a>.The measures, which included lower interest rates and liquidity support, plus <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-property-stocks-homebuying-restrictions-stimulus-shanghai-gdp-2024-9?_gl=1*1lm342a*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMC4xNzI4MzA4MjE0LjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">relaxed restrictions on homebuying</a>, fueled a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9?_gl=1*1a7ytxc*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODM5NjQwNS4yMzguMS4xNzI4Mzk2NTM4LjU5LjAuMA..">stock market rally</a> in the country and abroad as investors cheered any indication of future growth after months of downbeat data. However, the World Bank warns that the measures are still undefined, which makes it tough to calculate their impact on China's growth.Aaditya Mattoo, the World Bank's East Asia and Pacific chief economist, said the stimulus measures' fiscal impact has yet to be determined."The question is whether [the stimulus] can actually offset consumer concerns about declining salaries, concerns about declining property incomes and fears about falling ill, growing old, becoming unemployed," Mattoo said in a Tuesday interview with CNBC.Mattoo added that China will need to implement deeper structural reforms to see any long-term growth, but that the rest of the region will still welcome the stimulus efforts since it's so dependent on the country for growth.In the meantime, the rest of the region will "need to strengthen domestic drivers of growth by implementing long-deferred deeper reforms" to see growth independent of China, the report says.China's officials previously said the country is targeting "around 5%" growth for this year. In recent months, economists have increasingly said that goal <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">is out of reach</a>.

China's growth will fizzle next year despite stimulus efforts, and its issues will drag down neighboring economies, World Bank says

<ul class="summary-list"><li>Dana Mayer moved back to the US after living in the UK for 25 years.</li><li>She used to get frustrated by the British tendency to accept mediocrity.</li></ul>I wasn't prepared for how much the US had changed when I moved back. I'd been <a target="_blank" href="https://www.businessinsider.com/things-american-misses-after-moving-back-from-uk-2022-11">living in the UK</a> for 25 years, but when the <keyword id="19913581" type="General" weightage="20" keywordseo="pandemic" source="keywords">pandemic</keyword> kicked off in March 2020, I decided it was time to go home. It wasn't until returning that I realized how British I'd become and that "home" was more difficult to define. Now, after having lived almost half my life in each country, I feel equally in love with both, although for very different reasons. I struggled with the lack of <a target="_blank" href="https://www.businessinsider.com/social-life-differences-living-in-uk-compared-to-us">personal space in the UK</a> — some of that stems from the UK's population density being almost eight times that of the US per square mile, per <a target="_blank" href="https://data.worldbank.org/indicator/EN.POP.DNST">World Bank Open Data</a>. This translated into <a target="_blank" href="https://www.businessinsider.com/london-dumpster-tiny-home-how-i-use-space-photos-2023-4">tiny homes</a> with common walls even in the countryside and jostling for sidewalk space in the cities. It also seemed to result in a populace adverse to talking to or making eye contact with strangers in order to protect their perceived sanity. <h2>Size and space struck me when I returned to the US</h2>Fresh out of COVID quarantine, I was visiting a friend in a New York City suburb, looking around their giant kitchen with its oversized fridge. I didn't even have to go outside to their huge lawn or the wooded roads surrounding the property to feel my energy expand into what was simply more space per person. This is also when I spotted an enormous orange pepper on the kitchen counter that looked like a mutant interloper. Was this actually food? Was it a pepper crossed with some kind of alien Godzilla? It was so big that I took a picture. I spent the rest of the day laughing at its size. In keeping with the <keyword id="20075613" type="General" weightage="20" keywordseo="American" source="keywords">American</keyword> freewheeling mentality, expansive personal space, and a business mindset that allows for growth and experimentation, the pepper, as well as other fruits, vegetables, and even portions, in the US are typically bigger. In the UK, the small peppers fit into small houses, and the food was closer to its natural form. Their relatively closed mindset of "we've always done it this way" actually kept their food closer to the source. However, we'll see how big their peppers get in the years ahead. The pandemic gave me time to reflect on a lot of things <a target="_blank" href="https://www.businessinsider.com/things-brit-in-new-york-city-misses-about-england-manchester-2024-1">I missed about the UK</a> — the <keyword id="20050314" type="General" weightage="20" keywordseo="National-Health-Service" source="keywords">National Health Service</keyword>, the intelligent level of public discourse, and the newscasters without plastic hair. There was also the quiet dignity of the seemingly closed people who would keep you out of their inner circle until, finally, they let you in in a grounded, loyal way. In contrast, folks in the US often unravel their whole life story to me while standing in the Target checkout line. <h2>But I never quite fit in while living in the UK</h2>In the UK, I always felt like an outsider in some ways, especially when doing things like playing Trivial Pursuit. No matter how long I lived there, I never got most of the cultural references, because it's not where I'd grown up. I'm glad now that in the US I don't have to explain to anyone of my generation what <a target="_blank" href="https://www.businessinsider.com/best-kind-of-candy-corn-to-buy-reviewed-photos-2021-10">candy corn</a> is or who <a target="_blank" href="https://www.youtube.com/watch?v=tvAtG3T2NDY">Magilla Gorilla</a>, a 1960s cartoon, is. Still, I'm torn between the American expectation of excellence which can be over-the-top and relentless, and the British tendency to accept mediocrity, brush problems under the carpet, and sometimes have a more peaceful life as a result. When <a target="_blank" href="https://www.businessinsider.com/american-gen-zer-moved-to-london-wouldnt-recommend-to-everyone-2024-5">I first came to the UK</a>, I waited tables at a tourist-trap restaurant where the food was overpriced and microwaved rubbish. When I went to the table and asked about the meal, almost every British customer replied, "It was lovely," in a shy, sheepish way. Years later, my British ex-boyfriend, who held a high-level management position and told people what to do all day at work, used to get embarrassed when I asked restaurant staff to please wipe the table because it was dirty. As an American I'd grown up feeling entitled to a clean table when paying for service in a restaurant. Now, I cringe when I see Americans in restaurants demanding a free meal because their drinks arrive five minutes late. Four years after <a target="_blank" href="https://www.businessinsider.com/mistakes-moving-to-america-from-uk-2023-11">moving back to the US</a>, I'm grateful for the personal space, the "yes!" mentality, and the abundance of nature. But I do miss the cultivated hedgerows of the UK and the quiet, more reserved style of its people. And no matter how much affinity I felt with the land there, there is also some knowing and grounding with the land here, which feels like it cannot be replicated anywhere else. Perhaps because this is where I was originally rooted. July 4, 2024 — This story has been updated to remove mention of peppers in the US being massive due to the genetic engineering of crops. Got a <keyword id="22368221" type="General" weightage="100" keywordseo="personal-essay" source="keywords">personal essay</keyword> about <keyword id="21389910" type="General" weightage="20" keywordseo="relocating" source="keywords">relocating</keyword> that you want to share? Get in touch with the editor: <a target="_blank" href="mailto:akarplus@businessinsider.com">akarplus@businessinsider.com</a>.

I moved back to the US after 25 years in the UK. People abroad were more polite than Americans, but I never quite fit in there.

<ul class="summary-list"><li>Russia's economy, boosted by military activity, is now classified as high-income by the World Bank.</li><li>Russia's GDP grew 3.6% in 2023, with trade and financial sectors rebounding.</li></ul>Russia's economy has defied sanctions in the two years since Moscow invaded Ukraine in February 2022 — so much so that the World Bank is now classifying Russia as a "high-income country."On Monday, the <a target="_blank" href="https://blogs.worldbank.org/en/opendata/world-bank-country-classifications-by-income-level-for-2024-2025">World Bank</a> announced it has upgraded Russia from an upper-middle-income country to a high-income country, according to a report from the financial institution's economists."Economic activity in Russia was influenced by a large increase in military-related activity in 2023," World Bank economists wrote in their report.Last year, Russians earned $14,250 per person on a gross national income basis.The World Bank's upgrade confirms reports from Russia that suggest the growth is primarily <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">driven by wartime activities</a> that generate demand for military goods and services, making some sectors winners in Russia's wartime economy.Russia's trade jumped by nearly 7% last year, while activities in the financial sector and construction grew by 6.6% and 3.6%, respectively.This boosted Russia's real GDP — which is economic growth adjusted for inflation — by 3.6%.The development has made some <a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-winners-wealth-redistribution-social-mobility-putin-2024-6">poor Russians better off</a> financially, complicating any calculus over how to end the war.<h2 id="a5dbd017-74b6-498a-a515-a868703de10b">The World Bank upgraded seven countries, downgraded West Bank and Gaza</h2>Other than Russia, the World Bank also upgraded Bulgaria and Palau from upper-middle-income to high-income countries. Their upgrades came after several years of post-pandemic growth.Ukraine also moved up from a lower-middle-income country to upper-middle-income country as real GDP grew 5.3% — reversing a steep 28.8% slump in 2022."While Ukraine's economy was significantly impaired by Russia's invasion, real growth in 2023 was driven by construction activity (24.6%), reflecting a sizable increase in investment spending (52.9%) supporting Ukraine's reconstruction effort in the wake of ongoing destruction," the World Bank added.In all, the World Bank upgraded the classification of seven countries this year and downgraded just one country: West Bank and Gaza.West Bank and Gaza became an upper-middle-income country in 2023, but its economy was significantly impacted by its war with Israel."The conflict in the Middle East began in October 2023, and while the impact on West Bank and Gaza was limited to the fourth quarter, its scale was nonetheless sufficient to lead to a 9.2% drop in nominal GDP," the World Bank economists wrote. West Bank and Gaza's GDP declined 5.5% in real terms.

Russia's war-driven economy is so hot that the World Bank upgraded it to a 'high-income country'

<ul class="summary-list"><li>High inflation will stay for longer as commodity prices rallied again after falling for two years, World Bank Group says.</li><li>The bank expects global inflation to jump by a solid percentage point by 2024 due to the flip-flop oil prices driven by geopolitical risks.</li></ul>High inflation could be with us for a while as a key deflationary force wanes, the World Bank Group said, The World Bank <a href="https://www.worldbank.org/en/news/press-release/2024/04/25/commodity-markets-outlook-april-2024-press-release#:~:text=Between%20mid%2D2022%20and%20mid,prices%20has%20remained%20essentially%20unchanged" target="_blank" rel="noopener">said in a report</a> on Thursday that the two-year decline in global commodity prices has come to a halt, and an escalation of conflict in the Middle East has reversed the downward trend in inflation. The report said commodity prices had dropped by roughly 40% between mid-2022 and mid-2023, bringing the global inflation rate down around by two percentage points over the past two years. However, the sector is moving in the opposite direction since the latter half of 2023. "Global inflation remains undefeated," Indermit Gill, the senior president and chief economist of World Bank, said in the note, adding that the energy price shock would bring the world economy to a "vulnerable moment."The economist foresees interest rates remaining higher than anticipated this year and next, with a projected 3% drop in commodity prices for 2024 and 4% for 2025.But this sluggish decline will buoy commodity prices around 38% higher than pre-COVID averages, offering little relief for inflation-weary economies. <a href="https://www.businessinsider.com/israel-planned-bigger-attack-iran-scaled-back-under-us-pressure-2024-4">The conflict between Israel and Iran</a> raised fresh concerns this month, and the <a href="https://www.businessinsider.com/ukraine-trouble-zelenskyy-admit-defeat-russia-war-us-aid-2024-4">Ukraine-Russia war</a> has no end in sight. Both conflicts threaten global energy supplies and risk stoking more inflation. The World Bank warned that a significant disruption could propel oil prices beyond $100 per barrel, hiking global inflation by almost a full percentage point in 2024."A striking divergence is emerging between global growth and commodity prices: despite relatively weaker global growth, commodity prices will most likely remain higher in 2024-25 than in the half-decade before the COVID-19 pandemic," the World Bank's deputy chief economist, Ayhan Kose, said. That fear of lower growth and high inflation was on display in the US on Thursday, as <a href="https://www.businessinsider.com/gdp-gross-domestic-product-first-quarter-economy-growth-2024-4?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*g4dvmb*_ga*Mzg2NTEyNjQzLjE3MDU0OTc0MjU.*_ga_E21CV80ZCZ*MTcxNDA2NDYzMS40MTUuMS4xNzE0MDY2NjI2LjU4LjAuMA..">first-quarter GDP came in much lower than expected</a> even as consumer prices remained high in the quarter.

High inflation could be here to stay as commodity prices spike again after a 2-year decline, World Bank says

<ul class="summary-list"><li>The West should transfer frozen Russia reserves to Ukraine, a former World Bank president said.</li><li>Though countries may be more incentivized to dump reserve currencies, they'd find few alternatives.</li></ul>Concerns about transferring Russia's foreign reserves are overblown and deny Ukraine needed funds, a former World Bank president wrote in the <a href="https://www.ft.com/content/7fc0334e-4c06-444d-9c90-01cb9e449f43" target="_blank" rel="noopener">Financial Times</a>.Countries shouldn't hesitate to take advantage of these assets, as there's no real risk to international financial stability, Robert Zoellick said."Russia is waging a war of attrition against Ukraine," he wrote. "Ukraine's friends need to send a signal that Moscow cannot outlast Kyiv; it is elegant justice to do so with Russia's own assets."More than $300 billion in currency reserves were frozen following Russia's 2022 invasion of Ukraine, and came alongside a slew of other sanctions. Though the funds have since remained untouched, <a href="https://www.businessinsider.com/ukraine-running-out-ammo-scaling-back-military-western-aid-2023-12?r=US&amp;IR=T">wavering Western financial support</a> for Kyiv has prompted discussion on whether they could be a source of aid.Critics have argued that such a seizure would <a href="https://www.businessinsider.com/us-eyes-using-300-russia-frozen-assets-help-ukraine-backfire-2023-12">erode international willingness</a> to keep reserves in dollars, fueling an accelerated move towards <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-new-brics-china-yuan-currency-sanctions-debt-2023-12">de-dollarization</a>.But Zoellick said that Western unity about using these assets would deny any disgruntled states realistic alternatives. Though central banks could invest in gold, it lacks liquidity, while other currencies don't have the same reach as the greenback."China and other economies do not hold dollars or euros because they are friends with Europe and the US. Rather, they run trade surpluses that earn foreign currencies," Zoellick said. "If Beijing dumped its dollars or euros for renminbi, it would have to figure out where to invest the proceeds at the same time that it undermined its exporters' exchange rate, thus hurting its trade."By guaranteeing Kyiv the funding for reconstruction and recovery, it may incentivize the country to reach a settlement with Moscow sooner, he added. On the other hand, there's a small chance the G7 could offer some of the assets back to Russia, in exchange for true peace.Former Treasury Secretary <a href="https://markets.businessinsider.com/news/currencies/larry-summers-frozen-russian-assets-us-deficit-budget-debt-ukraine-2023-9">Larry Summers</a> has similarly called for using Russian reserves to help Ukraine. And current Treasury Secretary Janet Yellen has said <a href="https://www.businessinsider.com/russia-ukraine-war-tax-frozen-assets-treasury-secretary-janet-yellen-2023-9">frozen Russian assets should be taxed,</a> with proceeds sent to Ukraine. "The G7 nations and others have frozen Russian reserves for two years without creating a disruptive, chilling effect," Zoellick wrote. "If countries believe that they cannot conquer and annex their neighbors without losing access to their global reserves, that is a good thing."

Giving Russian reserves to Ukraine would be 'elegant justice,' former World Bank chief says

New Delhi, Advocating DPI's potential in helping nations leapfrog digital transformation, a <keyword id="42981" type="General" weightage="20" keywordseo="G20" source="Orion">G20</keyword> document prepared by <keyword id="6354424" type="General" weightage="20" keywordseo="world-bank" source="Orion">World Bank</keyword> has praised India's approach in unlocking the power of digital public infrastructure, including Aadhaar and UPI, for financial inclusion. The impact of DPI goes beyond inclusive finance, to supporting health, education, and sustainability, says the foreward of the document 'G20 policy recommendations for advancing financial inclusion and productivity gains through DPI'. "The India stack exemplifies this approach, combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation. In just six years, it has achieved a remarkable 80 per cent financial inclusion rate-a feat that would have taken nearly five decades without a DPI approach," it said. India's digital ID system Aadhaar, digital payment system UPI, data-exchange platform Digilocker and its other showcase platforms have found a special mention among the examples of DPIs "all of which play a leading role in the advancement of financial inclusion in many countries". Other systems mentioned were Singapore's Singpass, the Philippines' PhilSys, and the UAE's UAE-Pass among the digital ID systems; Brazil's Pix, India's UPI, Turkiye's FAST, the European Union's TIPS, and Thailand's PromptPay under fast payment systems; as well as Estonia's X-Road, Singapore's MyInfo, Australia's Customer Data Right, and the UK's Open Banking. Put simply, Digital Public Infrastructure (DPI) refers to blocks or platforms such as digital identification, payment infrastructure and data exchange solutions that help countries deliver essential services to their people, empowering citizens and improving lives by enabling digital inclusion. DPIs are interoperable, open, and inclusive systems supported by technology and provide essential, society-wide, public and private services that play a critical role in accelerating this digital transformation in an inclusive manner. The document also cites India's Data Empowerment and Protection Architecture (DEPA) and India's Account Aggregator (AA) Framework. On Fast Payment Systems, it noted that in some countries, such as India and Brazil the adoption has been "particularly quick and transformative". UPI, it said, has been widely adopted, benefitting from a user-friendly interface, open banking features, and private sector participation. "The UPI platform has gained significant popularity in India; more than 9.41 billion transactions valuing about Rs 14.89 trillion were transacted in May 2023 alone. For the fiscal year 2022-23, the total value of UPI transaction was nearly 50 per cent of India's nominal GDP," the report said. The document goes on to say that an aspect that makes DPIs unique, and that can further reduce existing constraints, is their ability to complement each other or be integrated in end-to-end workflows. One such service enabled by the interaction of open APIs and digital ID systems is the e-KYC or remote authentication services. A case in point is India's Aadhaar biometric identification system, which covers over one billion people and supports APIs, enables remote identification and authentication, it observes. Financial service providers can thus authenticate an individual's identity remotely, even by using selfie-based mechanisms to substitute for in-person customer due diligence verification requirements, it said. India has also figured prominently in the section on 'DPIs' Potential Added Value for the Private Sector', that cites how FSPs and MSMEs could benefit from these digital networks. "For some nonbank financial companies (NBFCs) in India, the AA ecosystem enabled an 8 per cent higher conversion rate in SME lending, a 65 per cent savings in depreciation costs, and a 66 per cent reduction in costs related to fraud detection. According to industry estimates, banks' costs of onboarding customers in India decreased from USD 23 to USD 0.1 with the use of DPI," it said. Through open application programming interface (APIs), India's Open Credit Enablement Network (OCEN) enables MSMEs participating in digital markets to secure credit by using information about their business history, rather than pledging physical assets as collateral. According to the document, in India, the implementation of various DPIs is considered to have played a critical role in the increase in account ownership from just one-fourth of adults in 2008 to almost 80 per cent a decade later "a journey that it is estimated would have taken up to 47 years without DPIs".

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All eyes on China: Rush of foreign investors can do little to stave off a slowdown, says World Bank

Ira Alok Puranik

China's growth will fizzle next year despite stimulus efforts, and its issues will drag down neighboring economies, World Bank says

Kelly Cloonan

I moved back to the US after 25 years in the UK. People abroad were more polite than Americans, but I never quite fit in there.

Dana Mayer

Russia's war-driven economy is so hot that the World Bank upgraded it to a 'high-income country'

Huileng Tan

High inflation could be here to stay as commodity prices spike again after a 2-year decline, World Bank says

Yuheng Zhan

Giving Russian reserves to Ukraine would be 'elegant justice,' former World Bank chief says

Filip De Mott

World Bank praises India's digital infrastructure for its transformative potential

PTI

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