An international financial institution that provides loans, grants, and technical assistance to developing countries for development programmes aimed at reducing poverty, improving infrastructure, and supporting economic growth. The World Bank Group consists of five organisations, with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) being the two primary lending arms. Its economic reports, growth forecasts, and policy recommendations are closely monitored by global financial market participants.
Example
“The World Bank revised its global growth forecast down to 2.4% from 2.7%, citing tighter financial conditions and slowing trade, which dampened sentiment in emerging market equities.”