Ajay Banga, an Indian American business executive, is the current president of the World Bank Group. Former Mastercard CEO, he leads global financial inclusion and development agendas amid a fragile global economy.
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
The World Bank has cut its 2026 global growth forecast to 2.5% and has warned growth could fall to 1.3% if disruptions to oil and fertiliser flows from the Middle East persist. Rising energy and food costs are pushing inflation higher and hitting developing countries hardest; the bank has pledged up to $100bn in support.
Miliband has furthered UK-US discussions in Washington, stressing the urgency of reopening the Strait of Hormuz to ease living costs while reaffirming support for Ukraine and calling for humanitarian relief in Gaza; Rubio shares a more measured public account of their talks.