World Bank ranking on the economic index

The World Bank can also be popularly called a Bank group. It is an international monetary agency that deals with the provision of lending and giving money to governments of various countries of the world. The World Bank also acts as the source of knowledge for developing countries. It is mostly involved in aiding countries that are low- and middle in and that necessarily needs help for the functioning of the government. It mostly concentrates on countries that are poor and assists them in development. In this blog, you will learn in detail about the World Bank, World Bank goals, World Bank headquarters and World Bank President.

Goals of World Bank:

The World Bank works internationally to attain a set of financial goals to develop all the countries economically across the world. The development goals announced by the World Bank are:

• Ascertain that excessive poverty and starvation no longer exist..
• True equality should be fostered and women should be strengthened.
• Create worldwide development cooperation.
• Establish global development cooperation.
• Women’ health should be upgraded.
• Minimise the proportion of kids who expire.
• Help kids receive a basic education.
• Malaria, HIV/AIDS, as well as other ailments are being fought..
• Ensure long-term environmental viability

Five Institutions of World Bank

The five institutions of World Bank that helps in the functioning of the bank are as follows:

• The chief institution of IBRD can be abbreviated as the International Bank for Reconstruction and Development. This institution of the World bank funds governments of bankable middle-income and low-income nations.
• IDA being a key member, can be called the International Development Association. It provides governments in the poorest nations with interest-free grants, subsidies, and incentives.   
• The International Finance Corporation which is also called as IFC, provides financial assistance, investments, and technical help to underdeveloped countries to encourage private sector involvement.
• The Multilateral Investment Guarantee Agency or the MIGA, provides investors in emerging economies with insurance on losses incurred by unregulated hazards.
• The International Centre for Settlement of Investment Disputes , known to be ICSID, provides international mediation and adjudication services for commercial arbitration.

World Bank Organisation:

The World Bank headquarters is present in Washington, D.C., U.S at 1818 H street NW. It was first initiated in 1944. All the five institutions of the World bank are headquartered in Washington. The World Bank president is America’s famous economist David Robert Malpass. The World Bank’s president was a former government official in America and is on duty in serving the World Bank since 2019. The member countries play a key role in the operation of the World bank. Each institution has a different number of countries as its members. IBRD, IDA and ICSID has 189, 174 and 146 institutions respectively.

Reformations by World Bank:

The World Bank is putting in complete effort to maintain financial equity among nations. The reformations made by the World Bank aims to be efficient, innovative, creative, comprehensive and provide fruitful results. This reformation mainly concentrates on improving the status of the developing countries. The five themes concentrated to reformation areas follows:

• Restructuring the funding system: It is for countries who borrow money for the national financial need.
• Increasing voice and participation of nations: It is to exactly analyse and determine the unknown crisis.
• Liability and effective governance promotion: This is for efficient operation of the system.
• Transparency, accountability, and information access enhancement: This helps share knowledge to a wide extent.
• An updated organisation: This is to ensure that it goes in line with the new developments and trends around the world.

Ranking of India:

The data and ranking provided by the World bank to India with respect to the year 2019 are:

GDP: US$ 2.871 Trillion

Population: 1.366 Billion

School enrollment, Primary: 96.82%

CO2 emission: 1.8 metric tons per capita

Life expectancy at birth, total: 69.656 years

GNI per capita, Atlas method (current): 2120 US$

Statistical Capacity Score (Overall Average): 75.55/100

World Bank economic ranking:

The top ranking of countries based on their Gross Domestic Product are as follows:

1. United States
2. China
3. Japan
4. Germany
5. United Kingdom
6. India
7. France
8. Italy
9. Canada
10. South Korea
11. Russia
12. Brazil
13. Australia
14. Spain
15. Mexico

Conclusion:

The World Bank plays a key role in serving all the nations of the World financially. It plays a key role in developing countries around the world by lending grants, subsidies, funds, incentives, loans and other financial assistance. They mainly concentrate on five areas of development which includes innovation, fullness, expertise, effectiveness and liability. The World bank along with its five institutions work to increase the overall financial status of countries and to maintain equity among the rich and poor nations.