Wednesday, June 14 — 3 significant news stories

Today ChatGPT read 1098 top news stories and gave 4 of them a significance score over 7.

After removing previously covered events, here is today’s significant news:

[7.9] War in Ukraine leads to largest annual increase in forcibly displaced people in decades — The Guardian

The United Nations refugee agency has reported that the war in Ukraine has led to the largest annual increase of people forcibly displaced by persecution, conflict, violence and human rights violations in decades. The number of displaced people grew by 21% in 2022, standing at an estimated 108.4 million at the end of the year. The total number of refugees worldwide rose by a record 35%, or 8.9 million people, to reach 34.6 million. The increase was largely due to people from Ukraine, and revised estimates of Afghans in Iran and Pakistan. The war in Sudan and the ongoing invasion of Russia are the biggest drivers of the growth.

[7.2] People's Bank of China cuts seven-day reverse repurchase rate to 1.9% amid economic slowdown — CNBC

The People's Bank of China has cut its seven-day reverse repurchase rate from 2% to 1.9%, the first cut in nine months, as the economy loses momentum and hard data starts to disappoint. Economists view the move as the start of much more easing to come, with Barclays predicting China will deliver a cut for every quarter until early 2024. China's new bank loans for May rose by 11.4% to 1.36 trillion yuan ($190 billion), missing estimates from a Reuters poll and strengthening the case for further stimulus, as the economy continues to see tumbling industrial profits on soft demand and falling exports.

[7.0] World Bank report warns of dire consequences for emerging and developing countries due to polycrisis — Financial Times

The World Bank's latest Global Economic Prospects report highlights the dire consequences of a "polycrisis" that has adversely affected emerging and developing countries, particularly the most vulnerable people within them. The report indicates that by the end of 2024, economic activity in these economies is expected to be about 5% below levels projected on the eve of the pandemic. In more than one-third of the poorest countries, incomes per head will be below 2019 levels in 2024. The reduction in global inequality seems to have stalled, and the long-term accumulation of debt, especially by low-income countries, is interacting with higher interest rates and turbulent credit markets to create serious debt difficulties.

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