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  • MPI Ethno. Forsch.  (928)
  • Washington, D.C : The World Bank  (928)
  • Private Sector Development  (642)
  • Economic Growth  (323)
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  • MPI Ethno. Forsch.  (928)
Material
Language
Years
Subjects(RVK)
  • 1
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Forecasting ; Economic Growth ; FDI ; Foreign Direct Investment ; FX ; Import Bans ; Improved Welfare ; Inflation ; International Economics and Trade ; Macroeconomics and Economic Growth ; Oil Flows ; Private Sector Credit
    Abstract: Important reform decisions have been taken for Nigeria to avoid a fiscal cliff, and temporary compensation is being provided to help the poorest and most vulnerable households. In May and June 2023, the incoming administration undertook two critical policy decisions, which have resulted in price and exchange rate adjustments in the second half of the year. Targeted cash transfers are helping to cushion the adjustment to higher gasoline prices. On fiscal policy, budget planning for the next several years is consistent with sustaining the fiscal savings from the subsidy reform and mobilizing more revenues. However, the reforms are yet to be completed to fully realize the economic benefits. The FX market has remained volatile and is still in a period of continuing adjustment to the new policy approach. Revenue gains from the FX reform are visible, but more clarity is needed on oil revenues, including the fiscal benefits from the PMS subsidy reform. The economic outlook for Nigeria in the short to medium term hinges on the continuation and effectiveness of its macroeconomic stabilization agenda. Successful implementation of the initiated reforms will be the first step toward improving Nigeria's growth prospect. Moving decisively onto a higher long-term growth and poverty reduction path requires not only a stable macroeconomic environment but also concerted structural reforms
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  • 2
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Financial Sector ; Fiscal and Monetary Policy ; Food Security ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Real Sector
    Abstract: Notwithstanding slower global growth and lingering impacts of recent catastrophic floods, private sector activity, outside the oil sector, has been supported by a relative return to peace, and higher government spending. Nevertheless, the economy is estimated to have contracted by 0.4 percent in FY23/24, reflecting drags from oil production. Supported by a successful exchange rate liberalization, inflation averaged -3.2 percent in 2022 and around 3 percent in the first nine months of 2023. Monetary policy has tightened in recent months, but it remains imperative that the central bank refrain from financing the fiscal deficit. The FY23/24 budget projects a smaller financing gap of about 13 percent of budget expenditures comparedto previous years. However, financing vulnerabilities remain high because of limited fiscal and external liquidity buffers and limited debt-carrying capacity
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  • 3
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Social Analysis
    Keywords: Early Childhood ; Economic Growth ; Human Capital ; Human Capital Protection ; Macroeconomics and Economic Growth ; Social Protections and Assistance ; Social Protections and Labor ; Strengths and Gaps
    Abstract: This human capital review assesses human capital outcomes in Mauritania and identifies actions to strengthen, utilize, and protect human capital. The government of Mauritania has demonstrated a strong commitment to placing human capital at the forefront of its long-term vision, with dedicated efforts focused on enhancing childhood health and education outcomes. Despite Mauritania's positive initiatives, the country's human capital wealth per capita has declined over the last 20 years; and it is imperative to look at ways to quickly reverse this situation. Children born today in Mauritania will only be 38 percent as productive when they grow up as they could have been had they enjoyed complete education and full health. Increasing the productivity of Mauritanians--both men and women--and thus allowing them to fully contribute to the development of their society entails transforming the human capital challenge to a human capital opportunity. This report takes a comprehensive, cross-sectoral approach and proposes recommendations for building, protecting, and utilizing human capital in Mauritania
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  • 4
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: IDA ; Private Investment ; Private Sector ; Private Sector Development ; Private Sector Economics ; Private Sector Window (PSW)
    Abstract: The private sector is essential for creating jobs and prosperity in poor countries, but developing it is challenging, especially in fragile and conflict-affected situations (FCS). The IDA Private Sector Window (PSW) is a blended finance facility that enables the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and third-party private sector investors to conduct high-risk transactions in International Development Association (IDA) countries and FCS countries. This evaluation aims to assess the usage, market development potential, and enabling factors of the PSW. The evaluation assesses how the usage of the PSW has changed from its inception in 2017 to 2023 and explores its potential market development effects and its enabling factors, namely concessionality (for IFC and MIGA) and additionality (for IFC). Concessionality is the level of subsidy needed for IFC and MIGA to offer transactions in PSW-eligible countries at market prices. Additionality is the unique support IFC brings to private investments (on a project basis) that is not offered by commercial sources of finance. It comprises financial and nonfinancial additionality. This evaluation assesses the PSW across three IDA cycles: IDA18, which covers FY18-20; IDA19, which covers FY21-22; and IDA20, which covers FY23-25. It updates the 2021 IEG early-stage assessment of the PSW (FY18-20) and complements the IDA20 PSW Mid-Term Review, which was prepared jointly by IDA, IFC, and MIGA
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  • 5
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Gender ; Gender and Development ; Gulf Cooperation Council (GCC) ; Macroeconomics and Economic Growth ; Saudi Arabia ; Women ; Women and Labor
    Abstract: The Gulf Cooperation Council (GCC) economies have been a bright spot in an otherwise gloomy economic landscape. Average growthin the GCC surpassed 7 percent in 2022 led by Saudi Arabia, its biggest economy, which was globally the fastest growing large economy. This growth was not just a result of buoyant hydrocarbon prices but also continued growth of non-oil sectors. The latter was the result of persistent structural reforms undertaken by several GCC countries to improve the investment environment, promote flexible labor markets, and encourage women to join the labor market. GCC countries have used the windfall revenues from oil and gas to rebuild their buffers, pay down their debt, and shore-up their sovereign wealth funds. They have also sought to protect their vulnerable populations with continued subsidies on food, fuel, and utilities. Such policies have limited the impact of inflation on the domestic economy. Finally, GCC countries have also used their financial muscle to support economically weaker countries in the region. The stellar growth of 2022 is slowing down and growth is expected to moderate to 1 percent in 2023 before picking up again to 3.6 percent in 2024. The decline in economic activity in 2023 is driven by consecutive production cut decisions by OPEC+ in an effort to stabilize global oil prices. However, non-oil GDP continues its growth trajectory reaching 3.9 percent, resulting weaker integration between oil and non-oil sectors. To maintain this track record, GCC countries will need to continue to exercise prudent macroeconomic management, stay the course with structural reforms, and increase non-oil exports. Downside risks remain and it would be amiss not to mention them. The conflict in the Middle East presents major risks to the region and the GCC outlook if it extends or expands to include other regional players. While it is too early to quantify the impact and channels of the conflict, we already witness a 4 percentsurge in global oil futures. Although China is bouncing back after emerging from tight Covid-19 lockdowns, troubles in the real estate sector could still disrupt this trajectory. Persistent high inflation in the world's major economies has not been entirely vanquishedsuggesting a high interest rate environment for a longer period. Windfall revenues are anticipated as a result of higher oil prices driven by the conflict in the Middle East. However, the extent and duration of the conflict will play a pivotal role in determining economicramifications not only on energy markets but also on regional financial and trade markets and overall economic confidence. The Special Focus section of the report discusses the power of structural reforms and social norms in advancing female labor force participation in Saudi Arabia. Saudi Arabia experienced an unprecedented surge in female labor force participation since 2016 as a result of: (i) changing regulations and the removal of legal barriers, shifting social norms, (ii) the implementation of sound structural reforms and (iii) effective government communications. Saudi Arabia's success in increasing female labor force participation from 17.4 percent in 2017 to 36 percent in 2023 offers important lessons to other countries in the region and the world
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  • 6
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Carbon Pricing ; Economic Forecasting ; Economic Growth ; Energy ; Energy and Economic Development ; Energy Prices ; Growth and Real Sector ; Inflation ; Macroeconomics and Economic Growth
    Abstract: The twin shocks of the pandemic and weak global trade has particularly impacted Thailand due to the country's position as a trade and tourism hub. Thailand's tourism arrivals reached only 75 percent of pre-pandemic levels in September despite the ongoing growth in global services trade. Visitor numbers increased across the board, except for China and Japan which are experiencing economic slowdown. The economic recovery faltered due to global headwinds as growth fell to 1.5 percent year-on-year in 2023 Q3, well below expectations. Thailand has implemented a range of policies to reduce greenhouse gas emissions and has taken the first steps to implementing comprehensive carbon pricing. This report explores some of the complexities involved in implementing carbon pricing. It finds that Thailand has already taken some of the most difficult steps in setting up a comprehensive carbon pricing policy instrument. Important questions remain to be addressed about what form carbon pricing should take in Thailand and which economic sectors should be included in a carbon pricing scheme. The potential benefits from carbon pricing may be substantial. Carbon pricing is likely to play an important role in meeting future emission reduction targets, reducing environmental degradation and air pollution while positioning Thailand as a regional leader in green and sustainable growth
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  • 7
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Demand Shortfalls ; Economic Forecasting ; Economic Growth ; Growth ; Inflation ; Investment Shifts ; Macroeconomics and Economic Growth ; Property Sector
    Abstract: Economic activity in China has picked up in 2023, but the recovery remains fragile. Real GDP growth accelerated to 5.2 percent y/y in the first three quarters of 2023, driven by demand for services, resilient manufacturing investment, and public infrastructure stimulus. The initial phase of economic reopening triggered a surge in economic activity in Q1, but growth momentum decelerated rapidly in Q2 before recovering modestly in Q3. The volatile growth performance, compounded by persistent deflationary pressures and still weak consumer confidence, suggests continued fragility in the recovery. China's investment deceleration has been one of the key drivers of the overall growth slowdown in recent years. Together with the decline in aggregate investment growth, there has been a marked shift in the composition of investment. Structural reforms are crucial both to accelerate rebalancing towards higher consumption and to mitigate risks of inefficiencies in capital allocation. Following recent statements by policymakers, a renewed focus on structural reform implementation with specific measures strengthening the rule of law, independent enforcement of regulations, fostering competition, and ensuring a level-playing field could help ensure that resources are allocated to the most productive sectors and firms. Deepening financial sector reform will enhance market-based financial intermediation. Measures to improve the progressivity of the fiscal system, reform the hukou system, and foster inclusive finance will support household consumption growth
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  • 8
    Language: English
    Pages: 1 Online-Ressource (36 pages)
    Parallel Title: Erscheint auch als Gatti, Roberta Dysfunctional Family Management: Family-Managed Businesses and the Quality of Management Practices
    Keywords: Business Environment ; Family Owned Businesses ; Management Practices ; Managerial Talent ; Private Equity ; Private Sector ; Private Sector Development
    Abstract: Better managed firms perform better. Existing evidence has shown that family-managed firms have poorer management practices. Several reasons have been proposed. Limiting to family members reduces the talent pool of potential managers. Family management creates disincentives for other talented workers given that the environment is not meritocratic. Family managers themselves may be less motivated given that they may not have to compete for the position. This study scales up the evidence by exploring the relationship between family managers and management practices for about 9,000 medium and large firms across 41 developing and advanced economies. The study contributes to the literature by investigating several internal and external operating factors that attenuate or accentuate the relationship between family management and the quality of management practices. The engagement of governments in terms of corruption and political connections is found to be influential
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  • 9
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Policy Notes
    Keywords: Business Environment ; E-Government ; Economic Growth and Planning ; Environment and Natural Resource Management ; Governance ; Innovation and Technology Privacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The Chinese government has a long-standing commitment to business environment and digital government reforms. China's online government-to-business (G2B) services have enhanced public service efficiency, accessibility, and transparency, creating a more favorable business environment. This note features a case study of the all-in-one online government service platform developed in Zhejiang Province, a subnational leader in promoting e-government and business environment reforms. Following general national guidelines, Zhejiang has been a leader in exploring innovations to promote digital government development and business environment reforms. Its reforms both demonstrate the effectiveness of a proactive approach to leveraging digital technologies for administrative efficiency and an improved user experience and highlight the positive impacts on the business environment
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  • 10
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Co-Evolutionary Framework ; Diversification ; Economic Growth ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Principle Of Relatedness ; Technology-Based
    Abstract: This research examines the diversification process by conceptualizing a co-evolutionary framework linking production and technology. The study applies the framework to retrospectively explain Korea's successful diversification path and to Viet Nam to identify how the country could further diversify into complex and value-added products. The authors apply relatedness analysis leveraging patent and trade data and present four different types of diversification patterns, namely unrelated diversification, production-based diversification, technology-based diversification, and complex diversification. Developed countries including Korea shifted toward technology-based or complex diversification strategies as their economies developed. Using a simulated scenario approach, the report outlines potential future trajectories wherein Viet Nam attains technological capabilities. The result shows that Viet Nam can diversify into 233 products if it accumulates capabilities in the 12 identified technologies. The report concludes with policy lessons that could inform policy makers in Viet Nam as well as other developing economies. Namely, that the country would need to invest more intensively in technology and capabilities upgrading to diversify into new complex products and evolve its diversification strategy alongside its economic growth and capability building process
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  • 11
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Urban Study
    Keywords: Energy ; Energy Efficiency ; Energy Production and Transportation ; Environment ; Environment and Natural Resource Management ; Finance and Development ; Finance and Financial Sector Development ; Human Development and Gender ; Private Sector Development
    Abstract: In December 2021, the Royal Government of Cambodia (RGC) published Cambodia's Long-Term Strategy for Carbon Neutrality (LTS4CN), which outlines the country's vision in achieving a carbon-neutral economy by 2050. As part of the long-term strategies to achieve net-zero emissions, the RGC set targets for decarbonizing the transportation sector through a combination of measures, including electrifying 70 percent of motorcycles, and 40 percent of cars and urban buses by 2050. It also aims to have 30 percent of mode share by public transport in cities by 2050
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  • 12
    Language: English
    Pages: 1 Online-Ressource (244 pages)
    Series Statement: World Bank Latin American and Caribbean Studies
    Parallel Title: Erscheint auch als
    Keywords: Agglomeration Economies ; Economic Growth ; Income Convergence ; Migration ; Trade Costs ; Transport Networks ; Urbanization
    Abstract: The Evolving Geography of Productivity and Employment: Ideas for Inclusive Growth through a Territorial Lens in Latin America and the Caribbean employs a territorial lens to understand the persistently low economic growth rates in Latin America and the Caribbean (LAC). Using new data and methods, it shows that deindustrialization, distance, and divisions offer intertwined explanations for an urban productivity paradox in the LAC region: its highly dense cities should be among the world's most productive, yet they are not. LAC cities have been held back by lack of dynamism, poor connectivity, and divisions into disconnected poor and affluent neighborhoods. Deindustrialization has shifted urban employment, especially in the largest LAC cities, away from manufacturing and toward less dynamic, low-productivity nontradable activities, such as retail trade and personal and other services, that profit less from agglomeration, especially in highly congested cities. Although employment in urban tradable services has risen, the increase has not been strong enough to offset the decline in manufacturing employment. Meanwhile, intercity connectivity issues have undermined the performance of the region's network of cities by restricting market access and firms' ability to benefit from specialization in smaller cities. Within cities, poor connectivity and residential labor market segregation have limited the gains from agglomeration to neighborhoods in central business districts where formal firms operate. Informality has persisted in low-income neighborhoods, where residents face multiple deprivations. By contrast, many agricultural and mining areas have benefited from the strong demand for commodities by China and other fast-growing economies, particularly during the Golden Decade (2003-13), leading to a decline in territorial inequality in most countries in the region. The report concludes that to encourage inclusive growth, countries must more efficiently transform natural wealth into human capital, infrastructure, and institutions and improve the competitiveness of the urban economy. It then sketches out the contours of such a development strategy, identifying policy priorities at the national, regional, and local levels
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  • 13
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (44 pages)
    Parallel Title: Erscheint auch als Assem Mohammed G Hassan Ahmed, Hoda Stages of Diversification Redux
    Keywords: Development Trajectories ; Economic Concentration ; Economic Diversification ; Economic Growth ; Macroeconomics and Economic Growth ; Resource Poor Countries ; Resource Rich Countries
    Abstract: The existing literature on development and economic diversification finds an inverted-U function between these two variables, whereby economies diversify as they grow up to a point, after which they start specializing. This paper contributes to this literature by investigating the stages of diversification over the course of development during the past 57 years. The paper emphasizes the trajectories of resource-rich and resource-poor countries, an issue that has not been covered by the extant literature. In addition, the paper studies the stages of diversification across three dimensions, namely employment, value-added, and exports. Additionally, it examines the relationship for services. Non-parametric estimations suggest a U-shaped curve between measures of economic concentration and per capita income levels, which is in line with existing evidence. However, these patterns are mainly driven by between-country rather than within-country variation, a finding that had been ignored in the existing literature. Diversification patterns also differ across resource-rich and resource-poor countries: Employment and value added in resource-rich countries are on average more concentrated at low levels of development while in resource poor countries, they are more concentrated at high levels of development. In contrast, at all levels of development, exports are more concentrated in resource-rich countries
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  • 14
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Adaptation To Climate Change ; Economic Growth ; Environment ; Gender ; Gender and Development ; Gender and Law ; Gender Based Violence ; Gender Equality ; Macroeconomics and Economic Growth ; Nonextractive Sectors ; Resilience
    Abstract: Papua New Guinea has abundant resources in the form of oil and mineral wealth. But a complex set of factors, including systemic gender inequality, underinvestment in non-extractive sectors, and fragility compounded by vulnerability to disasters caused by natural hazards act as barriers to sustainable and inclusive growth of the country. This Country Program Evaluation (CPE) report assesses the relevance and effectiveness of World Bank Group support to Papua New Guinea between fiscal year FY08 and FY23. It assesses the Bank Group's development effectiveness in addressing the above three core themes, namely: (i) lack of investment in Papua New Guinea's non-extractive sectors and their poor performance, (ii) the economic exclusion of women and gender-based violence (GBV) issues associated with it, and (iii) unmitigated risks of disaster from natural hazards, and violence, and conflict. The report answers three specific questions. The first explores the extent to which the Bank Group adapted its engagement in line with key constraints, including in relation to development partners, changes in country context, and lessons from experience. The second focuses on the results of Bank Group support and explanatory factors for results under each them, answered by applying a gender lens where relevant. The third question explores the extent to which the Bank Group successfully identified and addressed conflict, violence, and disaster from natural hazards risks. The report offers key lessons to inform the World Bank Group's future engagement with the country: (i) Data gaps need to be addressed to inform sound policy making and effective programming in Papua New Guinea. (ii) Declining governance quality and increasing bilateral aid will require the World Bank to reassess how it supports key policy reforms to achieve development impact, including through using DPOs. (iii) The Bank Group could elevate its impact on gender equality and GBV by shifting from a project-centric approach to a strategic country engagement approach. (iv) The negative effects that compound and interrelated risks pose to achieving development aims need to be addressed more comprehensively
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  • 15
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Infrastructure Study
    Keywords: Civil Registration and Identification ; Gender ; Governance ; ICT Policy and Strategies ; Information and Communication Technologies ; Private Sector Development ; Public Administration ; Public Sector Development
    Abstract: In Ethiopia, women are 15 percentage points less likely than men to possess a kebele ID, the primary proof of identity document used in the country. This report unveils findings from a study that aims to grasp the reasons behind this gender gap in ID ownership and offers recommendations for overcoming these barriers in Fayda, the new digital ID system launched by the Government of Ethiopia in 2021. Executed by the World Bank in partnership with Ethiopia's National ID Program (NIDP), the study first uses statistical analysis of ID4D-Findex data to illustrate the nature of the ID ownership gap and its ramifications for women. Subsequently, through desk research and original qualitative data obtained from focus group discussions and key informant interviews, the report delves into four categories of potential reasons for the gap: legal and policy barriers, social and community barriers, economic and procedural barriers, and information and knowledge barriers. In the concluding section, the report offers three key recommendations for integrating gender inclusivity into the Fayda program, drawingfrom the research findings and inputs gathered from qualitative research participants
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  • 16
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Business Environment ; Climate Adaptation ; Environment ; Flood Risks ; Natural Disasters ; Private Sector Development ; Private Sector Resilience
    Abstract: Building resilience to natural disasters is imperative for sustainable private sector development and growth in Malaysia. Floods have been Malaysia's most frequent natural disaster, accounting for 85 percent of all natural disasters since 2000. This report looks holistically at the challenges of adaptation to climate change for businesses, exploring the complementarity among the public sector, the financial sector, and the private sector efforts in managing flood risks. It does so by using a range of complementary analyses that bring together the private sector perspective drawn from a firm-level survey, the financial sector perspective based on a survey of financial institutions (both banks and insurers and takaful operators), along with macro-modelling estimates of the aggregate impacts of future floods. The report concludes with a roadmap for policy action to strengthen private sector resilience and enhance the management of flood risks for businesses, zooming in on policies for the financial sector
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  • 17
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Access To Finance ; Business Environment ; Conflict ; Conflict and Development ; Economic Growth ; Finance and Financial Sector Development ; Fragile States ; Private Sector ; Private Sector Development
    Abstract: This Private Sector Assessment Report on the Republic of Yemen is delivered as part of the Private Sector Technical Assistance project. The goal of the project is to understand the dynamics of the country's private sector during conflict; identify constraints to trade, investment, and finance; and propose recommendations for inclusive private sector entry, survival, and growth. The report also includes an overview of the financial sector's impact on the private sector, especially on the latter's resilience during conflict. Finally, the report provides structural and policy recommendations that, once implemented by the authorities on both national and subnational levels, would prepare the Yemeni private sector to participate in the country's post-conflict recovery and reconstruction
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  • 18
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Environmental Study
    Keywords: Access To Finance ; Ecosystem Restoration ; Environment ; Environmental Protection ; Finance and Financial Sector Development ; Financing Needs ; Nature Loss ; Private Sector Development ; Private Sector Economics ; Private Sector Investment
    Abstract: Ecosystem restoration is critical to the global ambition of halting and reversing nature loss. Tremendous efforts have been deployed globally to conserve the remaining rainforests, grasslands, rivers and lakes, reefs and mangroves, and other ecosystems that are critical for safeguarding biodiversity and the ecosystem services that humanity depends on. However, the extent of environmental degradation is such that recovering the productivity of ecosystems where it has been lost is equally important - for nature, communities, and economic sectors. While restoration is often viewed as the purview of the public sector, this report demonstrates opportunities for private sector investment. It aims to shift the perception that restoration finance is limited to grant funding from domestic and international public sources only. Drawing on case studies, it highlights the investment drivers and entry points for private finance in restoration projects. The financing models presented also point to opportunities for replication and scaling. This report is a product of the Finance Task Force of the United Nations Decade on Ecosystem Restoration, an initiative led by the United Nations Environment Program and the Food and Agriculture Organization of the United Nations. The United Nations Decade aims to drive the restoration of one billion hectares of degraded land between now and 2030. The role of the Finance Task Force, chaired by The World Bank, is to catalyze action that can contribute to unlocking the capital needed to meet the United Nations Decade's goals
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  • 19
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Climate and Development Reports (CCDRs)
    Keywords: Adaptation To Climate Change ; Climate Change Adaptation ; Economic Growth ; Environment ; Finance ; Inlcusive Growth ; Macroeconomics and Economic Growth ; Poverty Reduction ; Resilience
    Abstract: This Country Climate and Development Report (CCDR) examines Liberia's development trajectory through the lens of the country's vulnerability to climate change. It identifies Liberia's development risks and opportunities, models various scenarios of climate impact and intervention, and proposes ways to strengthen resilience and finance climate actions that support Liberia's development aspirations of inclusive growth and poverty reduction
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  • 20
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Social Protection Study
    Keywords: Data Development and Gender ; Economic Growth ; Employment and Unemployment ; Human Development and Gender ; Labor Market Policy and Programs ; Macroeconomics and Economic Growth ; Poverty Reduction ; Social Development and Poverty ; Social Protection Delivery Systems ; Social Protections and Assistance ; Social Protections and Labor
    Abstract: The following analytical report summarizes the technical notes and presentations prepared by the World Bank and the Workforce Development Center under the Ministry of Labor and Social Protection of Population of Kazakhstan (MLSPP). These works aimed to support the MLSPP in the preparation of the Concept Plan of Labor Market Development for 2024-2029. The teams analyzed existing barriers and the potential for the creation of quality jobs in Kazakhstan because employment is essential for economic growth, which contributes to reducing poverty. Despite slower economic growth and some institutional challenges, Kazakhstan, nevertheless, has been successful at reducing the poverty rate. The major factor contributing to Kazakhstan's growth has been productivity, regardless of the period. A much lower contribution stems from labor market factors and employment rates. Therefore, the teams focused on how to boost firm productivity to increase the number and accessibility of better jobs, as well as how to develop skills and provide good education to the different groups of the population and prepare people for new and old jobs. Based on the material delivered by the World Bank, the WDC and other local expert groups, the MLSPP was able to draft the Concept Plan of Labor Market Development for 2024-2029, which the Government of Kazakhstan approved on November 28, 2023
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  • 21
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Keywords: Accommodation and ; Agriculture ; Aquaculture ; Economic Growth ; Fisheries and ; Fisheries Sector ; Growth Potential ; Human Capital ; Industry ; Macroeconomics and Economic Growth ; Private Sector Development ; Regionalization ; Tourism Industry ; Tourism Sector
    Abstract: Comoros is at the crossroads to redefine its future and become an upper-middle income country by 2050, but this would require implementing an ambitious reform agenda that focuses on increasing productivity and private investment. The current business-as-usual policy framework has delivered low private investment and human capital, sectoral growth below potential, and no poverty eradication. Pursuing this policy framework, which would not allow Comoros to reach the GDP growth target of 7.5 percent by 2030 laid out in the national development plan, could result in GDP per capita of USD 1,890 and a poverty rate of 22.9 percent by 2050. By contrast, under a policy framework of ambitious reforms that include measures to increase inclusiveness, Comoros could reach a GDP per capita of USD 3,934 and reduce the poverty rate to below 5 percent by 2050. Supported by the continuous implementation of ambitious reforms, such a level of GDP per capita could have Comoros reach upper-middle-income status by 2050. Under this ambitious reform agenda, private investment would average 11.9 percent of GDP in 2023-2050, and total factor productivity growth would average 1.45 percentage points per year during the same period
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  • 22
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Data Analysis ; Data Collection ; Economic Growth ; Governance ; ICT Data and Statistics ; Index Construction ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Results Reporting ; Technology ; Validation
    Abstract: The 2021 GovTech Maturity Index (GTMI) report and underlying dataset provide opportunities to replicate the study, identify gaps in digital transformation by comparing the differences among economies and groups of economies, and track changes over time in a transparent way. The dataset will be updated every two years to reflect developments in the GovTech domain. This 2022 GTMI update report and the accompanying dataset and new data dashboard present the progress within the last two years, highlight some of the good practices, and identify existing gaps for possible improvements in countries at the technology frontier. As with the 2020 edition, economies are grouped, not ranked, to illustrate the state of GovTech focus areas globally. This overview report presents a summary of the approach, how the 2022 GTMI dataset update is different, improvements in the GTMI dataset contents and visualization tools and GTMI group calculations, and initial findings and key messages
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  • 23
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Environmental Analysis
    Keywords: Adaptation to Climate Change ; Climate Change and Environment ; Deforestation ; Economic Growth ; Environment ; Forest Degradation ; Land Degradation ; Macroeconomics and Economic Growth ; Natural Capital
    Abstract: Niger is a fragile country, marked by a poorly diversified economy and extreme poverty. Climate change, rapid demographic growth, and weak governance are major threats to Niger's growth. These changes have led to human losses, decreased soil productivity, and increased competition for access to resources. Moreover, many rural communities have grappled with a land tenure system with often unclear and overlapping rights, a lack of land use classification and registry, and an absence of monitoring and enforcing by local institutions. It is important to note that the rapid population growth and the recent COVID pandemic have put additional pressure on food security and natural resources. Natural capital is crucial for the Nigeriens' livelihoods and food security. Degradation of cropland and pastureland is a key problem in Niger. This Country Environmental Analysis (CEA) aims to analyze critical environmental challenges that threaten sustainable economic growth in Niger and to propose actions to address them. It focuses on three government priorities that require in-depth analysis and immediate response: land degradation, deforestation and forest degradation, and climate change
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  • 24
    Language: English
    Pages: 1 Online-Ressource (50 pages)
    Parallel Title: Erscheint auch als Atiyas, Izak Digital Technology uses among Microenterprises: Why is Productive use so Low across Sub-Saharan Africa?
    Keywords: Digital Divide ; Digital Technologies ; Gender ; Gender and Economic Policy ; ICT Business Linkages ; ICT Economics ; Inclusion ; Information and Communication Technologies ; Internet ; Jobs ; Microenterprise ICT ; Microenterprises ; Private Sector Development ; Productivity ; Smartphone ; Technology Use Gender Gap
    Abstract: This paper explores the use of digital technologies, their association with performance outcomes, and the main constraints to greater use among microenterprises. The study uses a sample of more than 3,300 firms across seven Sub-Saharan African countries, of which over 70 percent are informal and over half are self-employed enterprises with no full-time workers. The analysis finds that productive use of digital technologies is low: less than 7 percent of firms use a smartphone, less than 6 percent use a computer, and roughly 20 percent still do not use a mobile phone. Even fewer firms use digital tools enabled by these access technologies: among firms with smartphones, less than half use the internet to find suppliers, and only half with a computer use accounting software or inventory control/point-of-sale software. Women are less likely to use all digital technologies than men. A greater range of uses based on internet-enabled computers or smartphones relative to uses based on 2G phones are conditionally associated with higher job levels. However, there may be a tension between higher productivity and more jobs: the highest productivity firms are not generators of the highest jobs, and vice versa. That formal high-sales and high-jobs firms are more strongly associated with the use of internet-enabled tools than high-productivity firms suggests that relaxing constraints preventing the latter from using more such digital tools and expanding sales and jobs could be important. Among these constraints, more than seven in ten non-users indicate that lack of attractiveness ("no need") is the main impediment to productive use of digital technologies. The most important conditional correlates of smartphone and computer adoption are related to having a loan, having electricity, having business linkages with large firms as customers, and managers having vocational training
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  • 25
    Language: English
    Pages: 1 Online-Ressource (68 pages)
    Parallel Title: Erscheint auch als Iacovone, Leonardo Bayesian Impact Evaluation with Informative Priors: An Application to a Colombian Management and Export Improvement Program
    Keywords: Bayesian Impact Evaluation ; Competition Policy ; Competitiveness and Competition Policy ; Economic Theory and Research ; Export Competitiveness ; International Economics and Trade ; Macroeconomics and Economic Growth ; Management ; Prior Elicitation ; Private Sector Development ; Randomized Experiment ; Social Policy Evaluation Method
    Abstract: Policymakers often test expensive new programs on relatively small samples. Formally incorporating informative Bayesian priors into impact evaluation offers the promise to learn more from these experiments. A Colombian government program which aimed to increase exporting was trialed experimentally on 200 firms with this goal in mind. Priors were elicited from academics, policymakers, and firms. Contrary to these priors, frequentist estimation can not reject 0 effects in 2019, and finds some negative impacts in 2020. For binary outcomes like whether firms export, frequentist estimates are relatively precise, and Bayesian credible posterior intervals update to overlap almost completely with standard confidence intervals. For outcomes like increasing export variety, where the priors align with the data, the value of these priors is seen in posterior intervals that are considerably narrower than frequentist confidence intervals. Finally, for noisy outcomes like export value, posterior intervals show almost no updating from the priors, highlighting how uninformative the data are about such outcomes
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  • 26
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Digital Technologies Adoption ; Economic Forecasting ; Economic Growth ; Macroeconomics and Economic Growth ; Manufacturing ; Services Sector ; Skills
    Abstract: The services sector has been a critical contributor to economic growth in Vietnam but its performance lags comparators The services sector has been the economy's largest sector for the past decade. Looking ahead, services could play a crucial role in supporting Vietnam to sustain productivity growth and achieve its ambition to become a high-income economy by 2045. However, the performance of Vietnam's services sector lags peer countries. Small scale of firms, restrictions to services trade, low technological adoption and few inter-sectoral linkages affect productivity. Based on the preliminary analysis presented in this report, the four broad policy directions can be identified. First, Vietnam could further reduce restrictions to services trade and foreign investment. Second, Vietnam should encourage further adoption of digital technologies within firms to spur innovation. Third, focus should be on strengthening workers skills especially basic digital skills and the capabilities of firms and managers. Lastly, Vietnam should leverage services to promote further growth of other sectors, especially manufacturing
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  • 27
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Consumer Demand ; COVID-19 ; Economic Forecasting ; Economic Growth ; Low Inflation ; Macroeconomics and Economic Growth ; Unemployment ; Youth
    Abstract: Activity in China continues to track the ups and downs of the pandemic - outbreaks and growth slowdowns have been followed by uneven recoveries. After a downturn caused by the Coronavirus disease 2019 (COVID-19) outbreaks and stringent public health measures in April and May, activity picked up in the third quarter as infections receded. Gross domestic product (GDP) expanded by 3.9 percent y/y in Q3, from 0.4 percent in Q2. High frequency indicators suggest another growth slowdown in the fourth quarter amid a return of high COVID-19 cases. Despite fiscal and monetary policy support, real GDP growth is expected to slow to 2.7 percent in 2022 - 1.6 percentage points lower than projected in the June China economic update. In 2023 growth is projected to recover to 4.3 percent but remain below the potential rate
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  • 28
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Human Capital ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Investment ; Productivity Growth ; Public Investment
    Abstract: Bulgaria has followed sound macroeconomic policy in recent years and has weathered the Covid-19 economic crisis relatively well. The country embarked on a thorough transformation to a functioning market economy in the run-up to European Union (EU) membership in 2007 which, since 2018, has been followed by a firm course towards eurozone entry. But income convergence to average EU levels has been held back by low pre-crisis economic growth averaging only 2.1 percent in 2010-2019. At pre-Covid-19 crises growth rates, Bulgaria is not expected to converge to average EU income levels in the foreseeable future. The average income level masks substantial regional inequalities which continue to widen and undermine human capital formation and growth. A key constraint that can be seen in all growth policy areas, and also limits the pace of greening of the Bulgarian economy, is weak governance capacity and institutions. This report is organized around the World Bank long-term growth model (LTGM) which allows to simulate Bulgaria's growth path under different scenarios. The structure of the report focuses on the key identified constraints to and opportunities for Bulgaria's faster long-term economic growth and income convergence. The report discusses complementary policy areas when needed and refers to related studies for more in-depth analysis and policy options in these cases
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  • 29
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Forecasting ; Economic Growth ; Economic Insecurity ; Hydrocarbon Revenues ; Inflation ; Macroeconomics and Economic Growth ; Non-Hydrocarbon ; Private Sector ; Resilience
    Abstract: The recovery continued in the first semester of 2022, supported by nonhydrocarbon activity and crude oil production. The continuing high level of global hydrocarbon prices prolonged the upturn of external balances. The budget deficit is expected to narrow moderately in 2022, as the strong increase in public expenditure compensates for most of the increase in revenues. The economic recovery should continue in 2023, supported by the nonhydrocarbon sector and public expenditure growth. The main risks to the macroeconomic outlook arise from fluctuations in global hydrocarbon prices, underscoring the importance of the Government's current reform program
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  • 30
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Economic Outlook ; Fiscal Deficit ; Inflation ; Macroeconomics and Economic Growth ; Private Sector Lending ; Public DEBT
    Abstract: The economy has recovered to pre-pandemic levels and, with rising tourist arrivals, is expected to maintain a strong growth and poverty reduction trajectory over the medium term. Commodity price volatility is driving inflation and exerting pressure on fiscal and external balances, through costlier imports and higher subsidies. Despite recent improvements, public debt is expected to remain high, warranting continued efforts to reduce fiscal deficits, including comprehensive subsidy reforms while mitigating impacts on the vulnerable
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  • 31
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (52 pages)
    Parallel Title: Erscheint auch als Benetrix, Agustin The Elusive Link between FDI and Economic Growth
    Keywords: Economic Growth ; Financial Depth ; Financial Development ; Financial Sector Development ; Foreign Direct Investment (FDI) ; Human Capital ; Macroeconomics and Economic Growth
    Abstract: This paper revisits the link between FDI and economic growth in emerging and developing economies. Analysis of the early decades of the sample shows that there is no statistically significant correlation between FDI and growth for countries with average levels of education or financial depth. In line with previous contributions, this correlation is positive and statistically significant for countries with sufficiently well-developed financial sectors or high levels of human capital. However, the findings also show that the link between FDI and growth varies over time. For more recent periods, there is a positive and statistically significant relationship between FDI and growth for the average country, with local conditions having a negative effect on this link. The paper also develops a novel instrument aimed at addressing the endogeneity of FDI inflows. Instrumental variable estimates suggest that the results are unlikely to be driven by endogeneity, and the results on the role of absorptive capacities may be due to the GVC revolution in the 1990s
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  • 32
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Equitable Growth, Finance and Institutions Insight
    Keywords: Investment and Investment Climate ; Investment Promotion Agencies ; IPA Strategy ; KPI ; Macroeconomics and Economic Growth ; Monitoring and Evaluation ; Private Sector Development ; Private Sector Economics
    Abstract: Governments establish investment promotion agencies (IPAs) as part of the larger framework fostering private sector development and contributing to achieving national development objectives. IPAs do this by attracting and supporting investments that will translate into more and better jobs; higher wages; more revenue for local businesses; and the skills, technologies, and new economic activities which will, in turn, lead again to more jobs, wages, and local revenue. In order to do this, the IPA must identify its own strategic objectives and chart a path towards the achievement of these objectives. Cascading from national strategies and plans, the IPA's strategy is a key tool that helps it succeed by guiding it to focus on the investors most likely to invest and generate the desired impacts, engage in the most suitable activities to cater to investors along the investment lifecycle, and make the best use of its resources, capabilities, and partnerships. This note serves as a guide to IPAs and policy makers in the development, adoption, and implementation of IPA strategies, drawing on World Bank Group experience and examples of good practices around the world. It presents the essential elements of an investment promotion strategy and the critical steps for its development and implementation
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  • 33
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Economic Sanctions ; Financial Sector ; Fiscal Policy ; Inflation ; International Economics and Trade ; Macroeconomics and Economic Growth ; Trade ; Trade and Regional Integration
    Abstract: Kazakhstan's economy is set to experience a moderate growth acceleration, with real GDP forecast to rise by 3.5 percent in 2023 and 4 percent in 2024, propelled by the hydrocarbons sector, as oil production increases. Inflation has surged to its highest level since the late 1990s due in part to wage increases across sectors and crisis-related fiscal measures. Inflation is expected to remain high in 2023 due to elevated food prices and prices of imported intermediate goods. The outlook for growth faces several downside risks. Any further disruptions to the operation of the Caspian Pipeline Consortium could lead to losses in production volumes and fiscal revenues, posing downside risks to growth. The persistent high domestic inflation is a serious challenge, particularly for the most vulnerable households, and could potentially amplify the risk of social tensions. Additional tightening of global financial conditions due to geopolitical tensions, energy crisis, and high inflation may pressure the exchange rate, leading to potential capital flow volatility
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  • 34
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: COVID-19 ; Economic Growth ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Pandemic ; Public and Municipal Finance ; Public Spending
    Abstract: Cambodia's economic recovery solidified in 2022 with real growth accelerating to 5.2 percent. After shifting to "living with COVID-19" in late 2021, the economy is firmly on a path to recovery and has now returned to its pre-pandemic growth trajectory. Initially led by the strong performance of export-oriented manufacturing, growth drivers are rotating to the services and agriculture sectors. Meanwhile, the agriculture sector is benefitting from improved access to regional markets, thanks to newly ratified bi-lateral and regional free trade agreements. Weakening external demand is, however, starting to weigh on the country's economic recovery. Despite weakening goods export performance, the current account balance is improving, thanks to the rebound in the travel and tourism industry and remittances, while the oil price shock eased. The economic recovery and good revenue administration underpinned an across-the board improvement in domestic revenue collection. The authorities continued to provide cash transfers for poor and vulnerable households, although the worst of the pandemic is now behind us. In this regard, the Cambodian authorities have extended the COVID-19 cash transfer program, with an additional budget. To enhance the long-term resilience and competitiveness of the economy, efforts are needed to further promote export product diversification
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  • 35
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Women in Development and Gender Study
    Keywords: Economic Cost ; Economic Growth ; Female Entrepeneurship ; Gender and Development ; Gender and Economics ; Gender Gaps ; Macroeconomics and Economic Growth ; Women
    Abstract: This report examines the state of female entrepreneurship in Indonesia, outlines major binding constraints and gender gaps, and highlights the untapped potential that could be realized if key barriers were lifted. The report draws on quantitative analysis of household- and firm-level surveys, the collection and review of qualitative work with male and female entrepreneurs across the country, a review of global evidence on gender and entrepreneurship, and analysis of relevant policies, laws, and regulations in Indonesia. The report also offers a novel analysis of the potential economic dividends from closing gender gaps in business performance in Indonesia
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  • 36
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: CEMAC ; Economic Forecasting ; Economic Growth ; Energy Sector Regulation ; Fossil Fuel Subsidies ; Fuels ; Hydrocarbon Prices ; Inflation ; Macroeconomics and Economic Growth ; Social Safety Nets
    Abstract: The Gabon Economic Update is an annual World Bank publication that presents an overview of the evolving macroeconomic position in Gabon, followed by a detailed exploration of a specific topic in each edition. The first chapter analyzes recent economic developments, as well as the macroeconomic outlook and risks for Gabon's future growth. It presents policy actions that could help strengthen fiscal and debt sustainability, contain food inflation, and sustain a resilient growth path. The second chapter of this year's Economic Update has a special focus dedicated to fossil fuel subsidies, which represent a growing fiscal burden in Gabon. This chapter analyzes the costs of fuel subsidies and discusses policy options for alleviating their fiscal impact while protecting the most vulnerable groups in the country
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  • 37
    Language: English
    Pages: 1 Online-Ressource (90 pages)
    Parallel Title: Erscheint auch als di Giovanni, Julian Buy Big or Buy Small? Procurement Policies, Firms' Financing, and the Macroeconomy
    Keywords: Aggregate Productivity ; Business in Development ; Capital Accumulation ; Financial Friction ; Firm Dynamics ; Governance ; Government Procurement ; International Economics and Trade ; National Governance ; Private Sector Development ; Procurement Rules ; Small and Medium Size Enterprises ; Small Firm Growth Constraint
    Abstract: This paper provides a framework to study how different allocation systems of public procurement contracts affect firm dynamics and long-run macroeconomic outcomes. It builds a novel panel dataset for Spain that merges public procurement data, credit register loan data, and quasi-census firm-level data. The paper provides evidence consistent with the hypothesis that procurement contracts act as collateral for firms and help them grow out of their financial constraints. The paper then builds a model of firm dynamics with asset- and earnings-based borrowing constraints and a government that buys goods and services from private sector firms, and uses it to quantify the long-run macroeconomic consequences of alternative procurement allocation systems. The findings show that policies which promote the participation of small firms have sizeable macroeconomic effects, but the net impact on aggregate output is ambiguous. While these policies help small firms grow and overcome financial constraints, which increases output in the long run, these policies also increase the cost of government purchases and reduce saving incentives for large firms, decreasing the effective provision of public goods and output in the private sector, respectively. The relative importance of these forces depends on how the policy is implemented and the type and strength of financial frictions
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  • 38
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Business Environment ; Economic Forecasting ; Economic Growth ; Growth and Prices ; Macroeconomics and Economic Growth ; Payments ; Poverty Projections ; Private Sector ; Private Sector Development ; Public Finances
    Abstract: Private sector participation in the Tajik economy is relatively large, but dynamism is very low. Analysis with micro-level data points to multiple weaknesses: low entry rate, low productivity, limited integration to trade, low incidence of innovation, and limited capabilities. Also revealing is that private firms struggle to grow as they age. All these aspects reflect a business environment that does not reward the more efficient firms or those with the highest growth potential. The Covid-19 effects brought additional challenges to this low-level equilibrium scenario with shocks in sales and financial distress. The silver line aspect stems from the increasing use of digital technologies. Still, the apparent digital divide regarding firm size poses questions on the real implications for future productivity performance. Against this backdrop, and to tackle the long-term weaknesses of the private sector in Tajikistan, it is crucial to remove barriers that prevent the reallocation of resources towards more productive firms so that the private sector becomes more efficient and able to generate more and better jobs. In this case, and to prioritize measures that maximize effects on aggregate demand in the short-medium-run, it is crucial to give precedence to structural policies that remove impediments to firm entry and expansion of the private sector. Three sets of barriers deserve particular attention: (i) barriers to competition, (ii) barriers to foreign direct investment, and (iii) trade barriers. These barriers must be tackled together because they all reinforce each other regarding firms' competitiveness
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  • 39
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation to Climate Change ; Climate Change ; Disaster Risks ; Economic Growth ; Environment ; Macroeconomics and Economic Growth ; Resilience
    Abstract: Cabo Verde is a young, small, and vibrant island nation with an open economy. Rising above its daunting geographical challenges and limited endowments, the country is a story of economic success. Reforms to the rule of law and the market have prompted significant economic and social progress since the country's independence from Portugal in 1975, leading to democratic and macro-economic stability. Its robust, albeit highly volatile, economic growth has been driven by tourism, remittances, and foreign direct investment, enabled by structural reforms and social and political stability. Despite remarkable social and economic progress, Cabo Verde's development model has been showing signs of fatigue since the 2008 global financial crisis. To guide Cabo Verde in meeting these challenges, this Country Economic Memorandum (CEM) contains two modules: (1) empowering complementary engines of growth; and (2) fostering the resilience of growth to disaster and climate-related shocks. The CEM benchmarks Cabo Verde's performance against other Small Island Developing States (SIDS), structural peers (Samoa, Sao Tome and Principe, and Vanuatu), and aspirational peers (Mauritius, Seychelles, St. Kitts and Nevis, and St. Lucia). Structural peers are countries that share similar economic characteristics and endowments, while aspirational peers are countries that have been able to grow faster and more sustainably than Cabo Verde, despite sharing similar structural conditions (Annex 1)
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  • 40
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; FDI ; Foreign Direct Investment ; GDP ; International Economics and Trade ; Job Creation ; Macroeconomics and Economic Growth ; Macroeconomy
    Abstract: The Rwanda Economic Update No. 21 reviews the country's macroeconomic performance and prospects and includes a special section focusing on the impact of foreign direct investment (FDI) on the domestic economy. After growing by 8.2 percent in 2022, Real GDP expanded by 9.2 percent in the first quarter of 2023. However, this growth momentum may have been halted by disastrous flooding and landslides from the recent rains. Inflation has eased but remained well above the National Bank of Rwanda (NBR) target range in the first half of 2023, despite a tightening of monetary policy since January 2022. Rwanda's current account deficit improved in 2022, with higher export revenues and remittances outweighing rising import prices. The fiscal deficit narrowed in FY2022-23 thanks to a large decline in public spending, and strong growth which combined to reduce Rwanda's debt as a share of GDP. Prospects for continued high growth are good, and the fiscal and debt positions are expected to improve over the next few years. The special topic emphasizes the large size of FDI inflows, encouraged by a favorable regulatory environment and improvements in governance. FDI in Rwanda appears to generate significant employment benefits, both in terms of job creation by FDI firms and related increases in hiring by domestic firms. FDI firms also appear to have strong linkages with local firms, particularly domestic suppliers, and tend to provide higher-quality jobs than domestic firms, in terms of access to social security. However, forecasts of the volume of inflows and of employment provided when registering with the Rwanda Development Board turned out to be highly optimistic, raising concerns on both limits on FDI firms and the potential for misrepresentation to gain access to incentives. FDI projects tend to be concentrated in Kigali and surrounding districts, which have much lower poverty rates than the national average, and in general there is a negative association between the level of poverty and FDI inflows. Policies to improve the impact of FDI on inclusiveness could involve encouraging FDI projects in poorer districts, promoting greater participation by women and youths, enhancing corporate social responsibility initiatives, strengthening the monitoring and ex post performance assessment of FDI, improving linkages between FDI projects and domestic suppliers, and encouraging the home country of investors to enforce mandatory standards that enhance the sustainability and inclusivity of FDI
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  • 41
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (182 pages)
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth
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  • 42
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (188 pages)
    Series Statement: MENA Development Report
    Parallel Title: Erscheint auch als
    Keywords: Economic Growth ; Exports ; Female Labor Force ; Informality ; Labor Market Outcomes ; Labor Markets ; Trade ; Wages
    Abstract: In the Middle East and North Africa (MENA), trade liberalization measures have coincided with stable economic growth, and GDP per capita growth has surpassed that of other developing regions. However, MENA's labor-market outcomes--such as average wage levels, informality rate, and female labor force participation--continue to underperform. Why has rising trade failed to produce better labor market outcomes in low- and middle-income countries in the region? 'Exports to Improve Labor Markets in the Middle East and North Africa' focuses on the impact of trade policy on trade-flows and their relationship with local labor market outcomes in three low- and middle-income countries--the Arab Republic of Egypt, Morocco, and Tunisia. Given their idiosyncratic labor markets, export diversification, and trade policy history, these three countries other important lessons for economic development in the region. Policy makers and stakeholders can use these findings to design policies to improve the chances that higher trade flows will deliver better labor market outcomes and ensure that the benefits are more equally shared. 'This report, led by Gladys Lopez-Acevedo and Raymond Robertson, pushes forward the frontier of knowledge about the relationship between trade and the labor market in MENA. Although focusing on three countries (the Arab Republic of Egypt, Morocco, and Tunisia), it gives us broader lessons on how to solve the apparent puzzle of greater exposure to trade not being followed by greater labor market outcomes in the region. It points out, among other factors, how market segmentation by gender shapes the effects of trade shocks like higher exports. Policy makers in the region will definitely benefit from the evidence and analysis conveyed by the report on how to turn trade integration into a lever for shared prosperity.' --Otaviano Canuto, Senior Fellow at the Policy Center for the New South, and former Vice President of the World Bank 'This timely report attempts to understand why trade expansion did not produce the desired improvements in labor market outcomes in three non-oil-exporting countries in MENA. The main reason for the weak link between trade expansion and widely shared labor market improvements appears to be the segmented nature of labor markets in the three countries, by gender as well as by formality status. In Morocco and Tunisia, the highly segmented labor markets along gender lines, in combination with the concentration of trade in male-dominated capital-intensive sectors, led to few employment benefits accruing to women. In Egypt, the limited impact of trade on formal employment is attributable to the small size of the nation's export sector and its lack of integration with the rest of the economy. These findings are critical to understanding how barriers to widely shared prosperity can be tackled in the region.' --Ragui Assaad, Professor, Humphrey School of Public Affairs, University of Minnesota
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  • 43
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (37 pages)
    Parallel Title: Erscheint auch als Beegle, Kathleen Missing SDG Gender Indicators
    Keywords: Corporate Data and Reporting ; Gender ; Gender and Social Policy ; Gender Equality Goals ; Gender Monitoring and Evaluation ; International Organizations ; Law and Development ; National Statistical System ; Private Sector Development ; Statistical Indicators ; Tracking Gender SDG Goals
    Abstract: The Sustainable Development Goal agenda lays out an ambitious set of 231 indicators to track progress. Countries continue to fall short in terms of reporting on the indicators in general, and this is particularly the case for the subset of 50 gender-related indicators, where countries reported on average on 31 percent of these indicators in at least one year from 2016 to 2020. A closer look at this low coverage reveals four salient fundings. First, this is not just a problem of missing data; lack of reporting on existing data is detected to be a problem. For example, of the 32 gender-related indicators that are sex disaggregated, if countries that had a population estimate also had a sex-disaggregated estimate (which is almost always feasible), the Sustainable Development Goal gender coverage rate would be 43 percent instead of 31 percent. Second, better statistical systems are a major part of the solution, as statistical system strength is correlated with higher coverage. Third, poorer countries are doing no worse in reporting on gender-related Sustainable Development Goal indicators than high-income countries, despite weaker statistical systems. Lastly, sizable over (and under) performance in reporting, conditional on statistical strength, suggests that country-level advocacy and focus can yield wins in Sustainable Development Goal gender indicator coverage
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  • 44
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Economic Forecasting ; Economic Growth ; Economic Integration ; Halloumi ; Hellim ; Macroeconomics and Economic Growth ; Turkish-Cypriot ; Women and Youth
    Abstract: The Turkish Cypriot economy (TCe) has struggled to recover since the onset of the COVID-19 pandemic in early 2020. With a contraction of 16.2 percent in GDP in 2020, when the COVID-19 pandemic first took hold, the TCe experienced the most severe recession in its history, and the most severe recession among the economies of Europe. Moreover, just as other economies were beginning to recover, in 2021 the TCe underwent a phase of exceptional political uncertainty and numerous exogenous shocks, testing its resilience. With the emergence of new variants of the virus, the COVID-19 pandemic continued to adversely impact the TCe throughout 2021, with cases reaching a new peak at the end of 2021 despite the Turkish Cypriot (TC) administration's efforts to prevent the spread of the virus, together with its support for the health system, households, and companies. Furthermore, a new record low in average precipitation in 2021, a series of earthquakes at the beginning of 2022, and weak energy security, with a recent series of power outages experienced across the island, have all revealed the intrinsic vulnerabilities of the island to climate change and natural disasters. Building a competitive private sector would require reforming business regulations and procedures that are under the mandate of the TC administration, and that should be aligned with international best practices and the EU Acquis, irrespective of the broader context of the political economy. Special attention should be devoted to the regulation concerning imports and GL trade. Pre-permits and licenses imposed by the TC administration on imports, on top of regulatory uncertainty and other cumbersome procedures, contribute to increasing prices, penalizing consumers, and eroding domestic competitiveness. A dialogue framework between GC and TC private sectors could be established to support solutions to the long-standing constraints that have been impeding business cooperation across the GL, for the benefit of all Cypriots
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  • 45
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Development ; Economic Forecasting ; Economic Growth ; Fiscal and Monetary Policy ; International Trade ; Macroeconomics and Economic Growth ; Public Spending ; Social Assistance ; Tax Reforms ; Transformation
    Abstract: The Russia-Ukraine war has disrupted global trade and supply chains, exacerbating the rise in global commodity and food prices. Persistently high global inflation accompanied by tepid growth brings fears of stagflation that could endure for several years. Amidst this environment, the US Federal Reserve and other advanced economy central banks sharply tightened monetary policy to curb inflation. This has translated into tighter external financing conditions and financial stress for some emerging markets and developing economies (EMDEs) as capital outflows have intensified. Despite global slowdown, Indonesia has experienced strong growth in 2022 thanks to commodity windfalls and a reopening of the economy. Indonesia's external vulnerability has been low to moderate as strong exports have supported the external balance although tighter global finances have put some pressure on the capital account. Indonesia is projected to have a robust growth over the next three years though with significant downside risks emanating from the global economic environment. To address current macrofiscal policy challenges, the report highlights three policy and institutional areas that may warrant attention going forward. The first is about continuing with the implementation of tax reforms to broaden the tax base and improve compliance of business tax collection. The second is related to public spending where the authorities could over time move towards a rules-based pricing model for energy to contain subsidy pressures. The third is improving targeting and expanding coverage of existing social assistance and social insurance programs. This means filling coverage gaps, developing a system that provides a guaranteed minimum protection across the lifecycle, and strengthening delivery systems
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  • 46
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (50 pages)
    Parallel Title: Erscheint auch als Ghose, Devaki Offshoring Response to High-Skilled Immigration: A Firm-Level Analysis
    Keywords: EU Labor Law ; EU Labor Policy ; Globalization ; Globalized Labor Market ; Immigration ; International Economics and Trade ; Offshoring ; Private Sector Development ; Skilled Short-Stay Immigrants
    Abstract: Using a policy change in the Netherlands in 2012 that made it easier and less costly for firms to employ high-skilled short-stay non-European Union workers and a matched employer-employee data, this paper shows that firms in high-skill industries respond by both employing a higher share of non-European Union immigrants and increasing the total amount of offshoring to non-European Union countries. With reduced costs of hiring short-stay non-European Union workers, small firms hire and fire more non-European Union workers in a given year. Many of these workers return to their home countries, establishing direct connections that boost offshoring to firms in the Netherlands. By contrast, large firms absorb some of the workers leaving the small firms. These workers also establish connections between their host and origin countries, boosting offshoring
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  • 47
    Language: English
    Pages: 1 Online-Ressource (108 pages)
    Parallel Title: Erscheint auch als Kasyanenko, Sergiy The Past and Future of Regional Potential Growth: Hopes, Fears, and Realities
    Keywords: Climate Change ; Competitiveness ; Demographics ; Developing Economies ; Emerging Markets ; International Economics and Trade ; Investment ; Potential Growth ; Private Sector Development ; Total Factor Productivity
    Abstract: Potential growth slowed in most emerging market and developing economy (EMDE) regions in the past decade. The steepest slowdown occurred in the Middle East and North Africa (MNA), followed by East Asia and the Pacific (EAP), although potential growth in EAP remained one of the two highest among EMDE regions, the other being South Asia (SAR), where potential growth remained broadly unchanged. Projections of the fundamental drivers of growth suggest that, without reforms, potential growth in EMDEs will continue to weaken over the remainder of this decade. The slowdown will be most pronounced in EAP and Europe and Central Asia because of slowing labor force growth and weak investment, and least pronounced in Sub-Saharan Africa where the multiple adverse shocks over the past decade are assumed to dissipate going forward. Potential growth in Latin America and the Caribbean, MNA, and SAR is expected to be broadly steady as slowing population growth is offset by strengthening productivity. The projected declines in potential growth are not inevitable. Many EMDEs could lift potential growth by implementing reforms, with policy priorities varying across regions
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  • 48
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Evaluation
    Keywords: Climate Change ; Development Challenges ; Economic Growth ; Food Insecurity ; Macroeconomics and Economic Growth ; Natural Disasters
    Abstract: Somalia is today among the poorest and most fragile countries in the world, facing myriad development challenges related to ongoing conflict, climate change, food insecurity, natural disasters, and displacement. Overlapping crises related to the COVID-19 pandemic, a prolonged drought, and macroeconomic shocks from rising food and fuel costs have worsened socioeconomic conditions (World Bank 2022). Seventy-one percent of Somalis lived in extreme poverty in 2021, compared with 28 percent for Sub-Saharan Africa (World Bank 2021). Average life expectancy was 57.4 years, and maternal mortality stood at 734 for every 100,000 births (World Bank 2018d). The country's Sustainable Development Goal ranking was 160th out of 163. The Somalia Country Program Evaluation (CPE) will assess the evolution of the World Bank Group's support over fiscal years (FY)13-22 and the extent to which the Bank Group adequately prepared for an eventual normalization of relations with Somalia, tailored its support to the conflict and fragility situation in Somalia and evolving circumstances and country priorities, and learned from experience. It will seek to inform the preparation of the next Somalia Country Partnership Framework (CPF) and may be relevant to broader Bank Group engagement in countries affected by fragility, conflict, and violence (FCV)
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  • 49
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Evaluation
    Keywords: Access To Basic Services ; Agriculture ; Climate Change Impacts ; Economic Growth ; Environment ; Governance Indicators ; Macroeconomics and Economic Growth ; Sub-Saharan Africa
    Abstract: Between 1993 and 2013, Mozambique became one of the fastest-growing economies in Sub-Saharan Africa boosting incomes and living standards. Political and macroeconomic stability provided the foundation for robust growth led by a rebounding agricultural sector and significant donor support. Growth, however, decelerated beginning in 2016 in the face of low commodity prices, a hidden debt crisis, and natural disasters. In FY18, Mozambique was formally classified as a fragile country. The Covid-19 pandemic further eroded growth. In light of the country's evolving context, this Country Program Evaluation (CPE) reviews the World Bank Group's engagement in Mozambique over the period FY08 into FY21. The CPE assesses the extent to which the Bank Group's support was relevant to Mozambique's main development challenges and drivers of fragility as well as how Bank Group support evolved and adapted over time. The evaluation delves into four themes that are relevant to Mozambique's pursuit of the Bank Group's Twin Goals of Poverty Reduction and Shared Prosperity: (i) low agricultural productivity; (ii) unequal access to basic services; (iii) weak institutions and governance; and (iv) vulnerability to climate change and natural disasters. The evaluation presents findings from each of the four themes covered and distills lessons from Bank Group experience in Mozambique to inform future strategies and engagements
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  • 50
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Social Protection Study
    Keywords: Access To Capital ; Economic Growth ; Employment and Unemployment ; Human Capital Constraint ; Jobs ; Labor Market Policy ; Low Productivity Growth ; Macroeconomics and Economic Growth ; Poverty Reduction ; Social Protections and Labor
    Abstract: The persistent lack of good jobs that is, an inadequate level or quality of jobs, inefficient and/or inequitable jobs outcomes is a key economic issue in developing (and some developed) economies. Yet policy responses often lack an understanding of the causes. While the proximate drivers, such as low productivity growth, slow capital deepening, or a lack of firms and other organized economic actors, may share patterns, the policy roots and circumstances of these outcomes vary a great deal by country. Thus, making progress in a meaningful and lasting way requires, in the first instance, a clear understanding of the binding constraints which, if alleviated, would result in a substantial structural improvement to jobs outcomes. Binding constraints could arise in a host of policies and institutions, including possibly inadequate human capital and labor market policies but also in infrastructure, regulatory, financial, judicial and other areas. This paper provides a data-driven approach and framework for diagnosing the truly binding constraints to better jobs. The approach is to rule out broad categories of constraints using economic logic and data, and to utilize an array of empirical indicators to test whether remaining candidate constraints are binding. While this paper outlines an exhaustive approach, the style of thinking and techniques can also be applied selectively to fill analytical gaps and ensure that key issues are not left unaddressed
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  • 51
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Economic Memorandum
    Keywords: Economic Diversification ; Economic Forecasting ; Economic Growth ; Inclusive Growth ; Macroeconomics and Economic Growth ; Private Sector ; Regional Integration
    Abstract: Timor-Leste has made important development gains since independence in 2002 but is now at a critical juncture. The government has successfully rebuilt public infrastructure, reduced poverty, and quickly built from scratch a network of functional public institutions. Despite these achievements, there is an urgent need for private sector-centered development that is not dependent on the oil sector. Receipts from sales of hydrocarbons have been the main source of government revenues, but their contribution to the economy is decreasing, raising the urgency for economic diversification. High public spending has not translated into strong and sustained economic growth. Furthermore, depleting oil reserves signal an urgency to reduce economic dependence on oil. The public sector-driven growth model has run its course and is fiscally unsustainable. The excessive public spending level led to an astronomical fiscal deficit of 45.3 percent of non-oil gross domestic product (GDP) in 2021. This fiscal stance entails significant risks that bring the country toward a damaging fiscal cliff in 2035. Albeit narrowing, there is a window of opportunity for the government to urgently implement the much-needed reforms in the next five years. There are several potential drivers for increased regional integration. These include the operationalization of the Tibar Bay port, the modernization of the Dili airport, the internet submarine cable installation, and the World Trade Organization (WTO) accession progress. Success requires a concerted and persistent government effort to address supply-side constraints, kick-start economic diversification, and boost export. This report provides an in-depth analysis of Timor-Leste's economic performance in recent decades and proposes policies to enhance growth. It highlights two key interrelated constraints to sustained and inclusive growth: the 'missing' private sector and the need to tap into the growth-enhancing benefits of international trade. Given the diminishing returns of public investments, pursuing a sustainable development path will require a shift toward a more dynamic, private sector-driven growth model. Furthermore, with the right combination of a supportive enabling environment and trade policies, Timor-Leste could capitalize on incipient and established comparative advantages for its exports. Accordingly, the reforms to support private sector development and expand exports have the potential to boost Timor-Leste's international competitiveness and improve economic diversification
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  • 52
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Poverty Assessment
    Keywords: COVID-19 ; Economic Growth ; GDP ; Macroeconomics and Economic Growth ; Pandemic
    Abstract: In Azerbaijan, economic growth was 4.6 percent in 2022, driven by non-energy sectors supported by recovering demand and fiscal expansion. Inflation accelerated sharply to 13.8 percent, driven by import prices. In the medium-term, growth is expected to moderate as non-energy sector growth returns to pre-COVID levels while the energy sector shrinks further. Risks to this outlook are balanced. This Macro Poverty Outlook presents GDP, debt and fiscal forecasts and examines the implications for critical economic and social concepts such as growth, poverty reduction and macroeconomic stability
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  • 53
    Language: English
    Pages: 1 Online-Ressource (31 pages)
    Parallel Title: Erscheint auch als Cull, Robert Trade Credit: Theory and Evidence for Emerging Economies and Developing Countries
    Keywords: Access To Finance ; Banking Institutions ; Capital Markets and Capital Flows ; Finance and Financial Sector Development ; Financial Development and Growth ; International Trade ; Medium-Sized Firms ; Private Sector Development ; Trade Credit
    Abstract: Trade credit remains an important source of finance for firms in developing countries and many firms in developed countries, especially those that are young, small, or informationally opaque for other reasons. This paper summarizes the literature and explains the pervasiveness of trade credit, detailing its potential advantages over formal credit in terms of the information that buyers and sellers have about each other and their ability to monitor one another. Because it requires less formal contract enforcement, trade credit can be especially relevant where the rule of law and the legal system are weak. At the same time, reliance on information from social networks and informal institutional arrangements limits the scale of trade credit, and thus moderate improvements to formal enforcement can expand trade credit beyond social networks and enable customers to switch suppliers, which improves their credit terms. The patterns suggest a sweet spot or "Goldilocks" region where mid-size firms and those in countries at middling levels of development tend to rely relatively more heavily on trade credit than others. Going forward, detailed data on the relationship between suppliers and customers are crucial to enable more direct tests of theoretical predictions regarding trade credit
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  • 54
    Language: English
    Pages: 1 Online-Ressource (29 pages)
    Parallel Title: Erscheint auch als Georgieva, Dorina Examining Business Reform Committees: Findings from a New Global Dataset
    Keywords: Business Enviornment ; Enterprise Development and Reform ; Globl Competitiveness ; Private Sector Development ; Public Sector ; Reform Committee ; Regulatory Coherence ; Regulatory Quality
    Abstract: Reform committees (also known as reform councils) are institutional mechanisms or structures tasked with holding policy discussions pertaining to (and making specific recommendations on) regulatory issues, to monitor improvement efforts and ensure regulatory coherence between agencies while enhancing regulatory quality. This paper presents novel granular data on business reform committees for 160 economies collected over 2020-22. The paper presents 35 questions and 238 variables grouped into three pillars: (i) mandate and scope, (ii) organizational structure and operational framework, and (iii) stakeholder engagement and communication. The dataset is unique in that it covers a large number of developing economies and presents detailed insights into the goals, structures, and components of reform committees while contributing to debates on strategies for promoting better regulations. Reform committees are heterogeneous structures, prevalent in lower-middle-income economies, followed by upper-middle-income economies. Most economies with a functioning reform committee state that their mandate is to improve competitiveness globally by improving the business regulatory/legislative framework, going beyond improvements of the business environment for domestic companies. In more than 50 percent of the economies the priorities are set at the ministry level, most commonly the Ministry of Finance or equivalent, followed by the Prime Minister's office. However, reporting lines can be very different-across a quarter of the economies, the chair of the reform committee reports to the President or the head of state, while in close to one-fifth the chair reports to the Prime Minister. In most economies, public sector representatives are members of both the steering board and the working groups. These findings provide new insights into the scope, mandate, and functioning of business reform committees at different income levels and across different regions; they also provide a robust foundation on which subsequent research efforts can build
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  • 55
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; Financial Sector ; Fiscal and Monetary Policy ; Fiscal Deficit ; Foreign Direct Investment ; Inflation ; Macroeconomics and Economic Growth
    Abstract: Following the significant volatility that characterized much of 2022, economic conditions in Myanmar have shown tentative signs of stabilization in the first half of 2023. The parallel market exchange rate remained broadly stable between January and May, albeit 27 percent lower against the US dollar than in June 2022 and depreciation pressures appear to have reemerged in recent weeks. In the medium-term, the deep contraction in 2021, the ensuring weak and uneven recovery, and increasing policy distortions will leave the economy permanently scarred. Many of the trends observed at household, firm and industry levels are likely to damage the productive capacity of the economy, in addition to their direct impacts on welfare and inequality. Increased reliance on coping mechanisms such as asset sales and reduced spending on health, education and agricultural inputs will curtail the longer-term earnings capacity of households. There has been little evidence of productivity-enhancing structural transformation in recent years; instead, more highly educated workers have moved into agriculture and away from higher productivity activities. Migration in recent years has been mostly forced, lowering the potential for income and productivity gains with recent migrants across states and regions within Myanmar tending to be worse off across various welfare indicators. And while interventionist measures to promote import substitution and self-sufficiency can generate employment and activity in the short term, in the long run, growth is likely to suffer as resources move toward activities that are less compatible with local factor endowments, and as the scope for productivity gains from specialization and exposure to international competition diminishes. Increased out-migration of more skilled workers and the sharp slowdown of foreign investment inflows will further constrain Myanmar's prospects for development over the longer term
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  • 56
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Constraints ; Economic Development ; Economic Growth ; Macroeconomics and Economic Growth ; Policy Coherence ; Policy Implementation ; SOES
    Abstract: This Country Program Evaluation assesses the development effectiveness of the World Bank Group's support to Morocco between fiscal year FY11 and FY21. The report evaluates the World Bank Group's contribution in solving four systemic constraints to Morocco's development: (i) lack of policy coherence with the country's development aspirations; (ii) an uneven economic playing field that favors some firms and stateowned enterprises (SOEs), creates rent-seeking behaviors, and discourages new entrants; (iii) weak policy implementation caused by the limited public sector capacity to carry out reforms; and (iv) weak citizen, labor force, and subnational participation in the country's development. This evaluation identifies lessons to guide future World Bank engagement in Morocco, including: (a) at times, it is possible for the World Bank to gain traction in Morocco's policy reforms by trading recognition for influence; (b) global benchmarking data can be effectively utilized to motivate reforms; (c) IFC can significantly impact the business environment and financial architecture reforms by effectively deploying its advisory work to influence major companies, including SOEs, in making institutional changes; (d) the experience of PforR operations in Morocco suggests that to maximize their effectiveness, the World Bank needs to proactively involve the full range of stakeholders and ensure resources are deployed for technical assistance gaps; and (e) engagement at the subnational level requires the ability and willingness to take new risks and experiment with new approaches
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  • 57
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Cooperation ; Cross-Border ; Economic Development ; Economic Growth ; Engagement ; Macroeconomics and Economic Growth ; Regional Integration
    Abstract: A key objective of the World Bank's South Asia Regional Integration, Cooperation and Engagement (RICE) approach is broadening evidence-based communication and outreach activities that will help strengthen the case for RICE and generate domestic demand. The 'Good Neighbours' series showcases successful cross-border stories demonstrating regional cooperation to build support for regionalism in South Asia
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  • 58
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Economic Memorandum
    Keywords: Competition ; Economic Growth ; ICT Applications ; Inclusion ; Increased Productivity ; Information and Communication Technologies ; Linkages ; Macroeconomics and Economic Growth ; Services Sector ; Technology ; Trade
    Abstract: Kenya's economy has been growing solidly but maintaining and increasing growth will depend on increasing private investment and productivity. Between 2010 and 2019, Kenya maintained a steady annual growth rate of 5 percent and the economy was able to rebound relatively rapidly from the COVID-19 pandemic. However, productivity growth did not make much of a contribution to output growth, and growth has been lower than that of some other, fast-growing middle-income countries. This points to the potential for Kenya to increase growth via productivity gains, by expanding the role of the private sector and, especially, accelerating private investment. Doing this has become more urgent as the Government's fiscal space to invest has shrunk, making it crucial also for the sustainability of growth to identify new opportunities for the private sector to contribute. This Country Economic Memorandum (CEM) focuses on the question of how seizing opportunities in Kenya's services sector can contribute more effectively to long-term economic growth. This report argues that growing the services sector should not be seen as an alternative to industrialization, but rather as an enabler of economy-wide growth, including in manufacturing, and in agriculture too. It focuses on five channels through which services contribute to jobs, economic transformation and inclusion: (i) the need to SHIFT the services sector to higher value-added activities; (ii) how to LINK services better to other economic activities to grow its enabling role; (iii) how to BOOST the productivity of the sector through technology and increasing competition; (iv) how to TRADE more services through removing regulatory barriers to trade and investment; and finally (v) how to SECURE people's economic livelihoods better, especially those working in lower-skilled and economically more vulnerable services subsectors. Growing the contribution of services will require a program of structural reforms and complementary efforts
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  • 59
    Language: English
    Pages: 1 Online-Ressource (102 pages)
    Parallel Title: Erscheint auch als Amin, Mohammad The Resilience of Smes and Large Firms in the COVID-19 Pandemic: A Decomposition Analysis
    Keywords: Competition Policy ; Competitiveness and Competition Policy ; COVID-19 Impact ; COVID-19 Pandemic Supply Chain Disruption ; Decomposition ; Firm Size ; Firm Size and Resilience ; International Economics and Trade ; Private Sector Development ; Small And Medium Size Enterprise (SME) ; Small and Medium Size Enterprises ; Supply Chain Disruption Impact
    Abstract: This study analyzes the difference in the decline in sales between small and medium-size enterprises and large firms (the "gap") following the outbreak of COVID-19 in 19 developing countries. The decline in sales as a percentage of the pre-pandemic level was bigger for small and medium-size enterprises by 12.2 percentage points. The paper uses the Kitagawa-Oaxaca-Blinder and quantile decomposition methods to estimate individual factors' contributions to the gap at the mean and across the sales decline distribution. Several important results emerge. First, relative to large firms, small and medium-size enterprises faced greater incidence of input supply disruptions during the pandemic, had lower initial labor productivity levels, and were concentrated in country-industry cells with a bigger sales declines. These differences in the level of factors widened the gap. Small and medium-size enterprises also suffered more than large firms from a given level of financial constraints, input supply disruptions, and country-industry-specific factors, and benefitted less from a given level of initial labor productivity. These differences in the returns to factors also widened the gap. Second, the gap was much larger at the relatively high quantiles of sales decline distribution, indicating that relative to large firms, small and medium-size enterprises were much less resilient to large shocks than small shocks. Third, individual factors' contribution to the gap varied across the sales decline distribution. Thus, the optimal policy mix depends on the size of the shock. Fourth, there were some important differences between geographical regions in what drove the gap. Thus, an eclectic policy approach is needed that duly accounts for the prevailing local conditions
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  • 60
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Englander, Gabriel The Value of Information in a Congested Fishery
    Keywords: Agricultural Knowledge and Information Systems ; Agriculture ; Competitiveness and Competition Policy ; Fisheries and Aquaculture ; Fishery Congestion ; Fishery Profits ; Fishing Data ; Fishing Efficiency ; Fishing Industry ; Industry ; Peruvian Anchoveta ; Private Sector Development ; Value of Information
    Abstract: Congestion can reduce the value of a fishery, resulting in a lower total catch for the same amount of labor, fuel, and equipment expended in fishing activities. Absent the congestion externality, better information about the location and size of fish stocks enables fishers to make more efficient decisions. However, more precise information can cause fishers to converge on the same location or increase fishing at the same time. The cost of the resulting increased congestion can outweigh the direct benefit of better information. This paper identifies the circumstances where an increase in the precision of public and/or private information (about stock size or location) lowers industry profits. Using high-resolution data from Peru's anchoveta fishery, the world's largest by catch volume, the research reveals that despite considerable congestion, more precise private information would increase expected profits. On the other hand, the profit impact of more precise public information is positive but significantly smaller. This difference reflects the fact that public information increases congestion to a much greater extent, compared to private information. The policy implications are that improving private information about fish stocks-for example through firms investing in forecasting and decision-making technology-could increase industry profits. But anchoveta fishers would not necessarily benefit from more precise public information. As fishery managers control the accessibility and disclosure of information, decisions to make private information public, such as publishing near real-time catch data, could potentially lower fisher profits
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  • 61
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Agricultural Development ; Economic Forecasting ; Economic Growth ; Government Spending ; Inflation ; Macroeconomics and Economic Growth ; Oil Production
    Abstract: Timor-Leste's economy continued its recovery in 2022, expanding by 3.9 percent, fueled by public consumption and investment. Private investment rose from an exceptionally low level while net exports continued to be a drag on growth. Headline inflation soared in March 2023 at 9.6 percent, spurred by significant increases in food and non-food prices. High inflation is part of a global trend driven by prices of tradable goods. Within Timor-Leste, the government's policy of enforcing higher excise taxes on tobacco products, implementing import taxes, and applying excises to sugar and sugary beverages, partially drove the inflationary trend. To advance a reform agenda, the new government may want to consider institutionalizing fiscal consolidation through robust fiscal rules. Both revenue mobilization and expenditure rationalization efforts should not only be maintained but also enhanced. Given that significant increases in public spending have had a limited impact on Timor-Leste's medium-term economic growth, it is possible to sustain growth levels with a reduced budget
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  • 62
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: COVID-19 ; Economic Growth ; Economic Uncertainty ; Gender and Development ; Gender Monitoring and Evaluation ; Gendered Impact ; Labor and Employment Law ; Labor Market ; Law and Development ; Macroeconomics and Economic Growth ; Women
    Abstract: The Iran Economic Monitor (IEM) provides an update on key economic developments and policies. It examines these economic developments and policies in a longer-term and global context and assesses their implications for the outlook for thecountry. The IEM's coverage ranges from the macroeconomy to financial markets to indicators of human welfare and development. Iran's economy continued to grow moderately for the third consecutive year in 2022/23, albeit at a slower pace than in the previous year. Real gross domestic product (GDP) grew by 3.8 percent in 2022/23, driven by expansions in services and manufacturing. Despite sanctions, the oil sector also expanded, aided by the tighter global oil markets. Favorable weather conditions helped the agriculture sector to marginally grow after the contractionsin previous years. On the expenditure side, private consumption was the main driver of GDP growth. Government consumption contracted to contain the budget deficit following a sharp expansionary policy in 2021/22. Meanwhile, exports and importsboth increased, and strong investment in machinery drove investments up, while construction investment marginally improved. However, the economy continuesto face growth constraints notably related to the economic sanctions, restricted access to external markets and to the latest technology, and much needed foreign investment. The Special Focus of the report highlights the scarring effects of the COVID-19 pandemic, documenting the marked deterioration in labor market outcomes. Despite sizeable government interventions to sustain the economy, in the first year of the pandemic (2021/22), approximately 1 million Jobs were lost, and labor force participation contracted by 3 percentage points. Iranian women were the most affected: two out of three jobs lost between 2019/20 and 2020/21 were previously held by women. The gendered impact of the crisis contributed to widening Iranian's women disadvantage in the labor market. Most importantly, the gains in femalelabor force participation slowly accumulated since 2011 vanished. Consistent with what is observed in other countries, women with young children were the most affected by the crisis. The combined effect of school closures and unequal intra-household allocation of care responsibilities, associated with prevailing gender norms, pushed Iranian women with children out of the labor force. Whether or not these trends will be reversed as the management of the COVID-19 pandemic is normalized and the economy recovers from the crisis remains an important policy question
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  • 63
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Development Challenges ; Economic Growth ; Growth and Job Creation ; Inclusion and Equity ; Labor Markets ; Macroeconomics and Economic Growth ; Resilience ; Social Protections and Labor ; Sustainability
    Abstract: The Country Program Evaluation (CPE) will seek to assess how well the Bank Group-supported strategy was aligned with Georgia's main development challenges and how effective the Bank Group's support was in addressing these challenges. The evaluation seeks to identify lessons that support the further adaptation and refinement of Bank Group engagement in support of the country's development priorities
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  • 64
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Forecasting ; Economic Growth ; Finance and Financial Sector Development ; Fiscal Deficit ; Macroeconomics and Economic Growth ; Poverty ; Public and Municipal Finance ; SOE ; Unemployment
    Abstract: Eswatini's economy has been characterized by persistent low growth, high fiscal deficits, and unprofitable state-owned enterprises (SOEs). Without significant reform, the country is unlikely to achieve its socioeconomic aspirations, and poverty and unemployment are likely to remain high. These problems are exacerbated by the difficult external environment, with subdued global demand and volatile international prices. In this context, the government of Eswatini recognizes that the country needs a series of policy reforms to unleash the potential of the private sector. It also needs to improve the efficiency of SOEs in strategic sectors, which deliver services to many businesses and households. This report is divided into two parts. Part 1 discusses recent economic developments in the global and domestic economy and assesses Eswatini's short and medium-term prospects. Part 2 reviews the role that SOEs can play in the government's efforts to enhance economic performance. It assesses both their contribution to the economy and their limitations to suggest directions for reform
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  • 65
    Language: English
    Pages: 1 Online-Ressource (18 pages)
    Parallel Title: Erscheint auch als Tillan, Pablo Reassessing the Impacts of Exports on Local Labor Market Outcomes: A Supply Chain Perspective - Evidence from the Arab Republic of Egypt
    Keywords: Export Competitiveness ; Export Impacts ; Firm Dynamics ; Gender and Labor Markets ; Global Value Chains and Business Clustering ; International Economics and Trade ; Labor Market Outcomes ; Labor Markets ; Limited Export Sector ; Private Sector Development ; Social Protections and Labor ; Trade Policy
    Abstract: This paper examines the overall impact of exports while accounting for supply chain linkages on local labor market outcomes in the Arab Republic of Egypt between 2007 and 2018. The paper assesses the effects not only on directly exporting industries, but also on industries indirectly affected by rising export demand. Furthermore, it examines potential impacts on specific groups of workers, such as high-skilled individuals and female workers. The results show that trade does not lead to the same connection with domestic labor markets in Egypt as observed in other countries, as highlighted in the existing literature explaining the adverse effects of imports on developing countries. Despite being more open to trade, trade-intensive industries in Egypt have not experienced a significant increase in their share of employment within the overall workforce. To harness the benefits of trade, Egypt must undertake deeper reforms aimed at significantly expanding the export sector
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  • 66
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (70 pages)
    Parallel Title: Erscheint auch als Clement, Anne Containing Tariff Evasion
    Keywords: Corporate Governance and Corruption ; Exporters ; Importers ; Law and Development ; Mirror Statistics ; Private Sector Development ; Sea Freight Corruption ; Tariff ; Tax Evasion ; Tax Law ; Trade
    Abstract: To identify transactions at risk of tariff evasion, this paper matches export transaction data from France with import transaction data from Madagascar using container identifiers. Reporting discrepancies between exporters and importers are prevalent but small, with over two-fifths of importers reporting in a way that increases their tariff liability. Yet, aggregate tariff revenues are 24 percent lower due to discrepancies. These revenue losses are highly concentrated: the top five evaders account for three-quarters of all tariff revenue losses and larger shipments are more at risk of evasion. Tariff enforcement in Madagascar is ineffective and only marginally mitigates revenue losses
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  • 67
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 7800
    Keywords: Equitable Growth ; Femail Entrepreneurship ; Female Managers ; Financial Inclusion ; Gender ; Gender Informatics ; Gender Monitoring and Evaluation ; Private Sector Development ; Self-Employed Women ; Social Development ; Social Inclusion and Institutions
    Abstract: Although female entrepreneurship is crucial to generating sustainable and equitable growth patterns, international evidence shows that women tend to be underrepresented in entrepreneurship, and this gender gap has exhibited remarkable persistence. In this study, we first measure the gender gap in entrepreneurship in Romania by using various data sources. We observe significant gender gaps, with the average gender gap in self-employment rates being 4.2 percentage points when abstracting from observable characteristics. Even when controlling for observable characteristics, the gender gap is persistent (3.7 percentage points). Other measures, such as the share of firms with female owners and top managers, indicate that the gap could be even larger. Moreover, we observe that the entrepreneurial gender gap varies across income quintiles and between rural and urban areas. In the second step, we analyze the potential drivers of women's engaging less in entrepreneurship by following the model of the "5 M's" developed by Brush, De Bruin, and Welter (2009). We find that the following drivers play a role in the entrepreneurial gender gap in Romania: gender gaps in financial inclusion and access to assets, harmful gender norms, motherhood, lack of childcare, and eldercare. Our findings suggest the need for a nuanced approach toward female entrepreneurship that factors in the distinct challenges of different groups of women and consists of a menu of policy interventions. Policies should range from improving women's access to relevant assets, human capital, and networks to addressing harmful gender norms and sparking an entrepreneurial culture in Romania more generally. Lastly, our evidence indicates that women are more interested in "impact" entrepreneurship. As women entrepreneurs in Romania mainly operate in the primary sector, givingthem a leading role in the green transition has great potential for more sustainable and equitable growth patterns
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  • 68
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Adaptation to Climate Change ; Climate Change Economics ; Climate Change Policy and Regulation ; Climate Development ; Economic Growth ; EMDES ; Energy Transition ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Fiscal Space ; Inclusive Recovery ; Macroeconomics and Economic Growth ; Public Sector Development ; Sustainability ; Transformation
    Abstract: This report makes the case for a big investment push for EMDEs' sustainable recovery and development, assesses the magnitude and composition of such investment, presents actions needed for an energy transition, looks at the role that innovations and state capacity can play in facilitating GRID, and proposes actions that governments, the private sector, MDBs, the IMF, and donors can undertake to mobilize financing at the large scale needed. The report summarizes the insights derived from the meetings of the High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth, jointly led by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern, and composed of experts from research institutions, the private sector, and governments, as well as senior World Bank Group and IMF staff members. The work of the HLAG, and thus this report, focuses on EMDEs and delves in greater depth into climate investment and financing, particularly for energy transition, as it is a less researched area. While doing so, it recognizes that policy and investment decisions in high-income countries, which accounted for only 16 percent of the global population in 2019 and yet for 32 percent of total greenhouse gas emissions (World Bank 2023a, 2023b), will be critical to whether the Paris Agreement goals can be reached. It also recognizes that these countries must play a key role in contributing financially to EMDEs' transition to low-carbon economies
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  • 69
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation to Climate Change ; Biodiversity ; Climate Change ; Economic Forecasting ; Economic Growth ; Environment ; Environmentally Protected Areas ; Food Prices ; Macroeconomics and Economic Growth ; Nature-Based Tourism ; Poaching ; Private Sector ; Protected Areas
    Abstract: The Rwandan economy continued to achieve strong growth in 2022 in the face of weakening external demand and restrictive monetary policies required to control inflation. Rising food prices particularly affected the poor, who devote a large share of their spending to food and appear to have faced higher food inflation than richer households did. Growth is expected to decline somewhat in 2023 and then to recover closer to historical rates over the medium term. Tourism is a major source of Rwanda's foreign exchange earnings and tends to generate a higher proportion of formal sector jobs than other sectors and could make a substantial contribution to growth. Within tourism, strengthening the provision of nature-based tourism, which accounts for eight percent of leisure and conference visitors in Rwanda would also help protect biodiversity and advance Rwanda's efforts to adapt to climate change. Nature-based tourism faces significant challenges, including potential limits on expansion of revenues from one of the primary international attractions - gorilla trekking, degradation of the natural assets that underpin the sector, risks presented by infectious diseases, habitat change and overexploitation, and the impact of climate change on tourism demand. Key measures to promote nature-based tourism will need to include expanding the network of protected areas and improving management of the natural assets within and outside protected areas and diversifying the nature-based tourism's offering while complementing efforts to diversify tourism activities. Efforts are required to enhance revenue sharing mechanisms to increase incentives for local communities to conserve natural assets and unlock new opportunities and community-led enterprises that generate revenue from tourism and sustainable management of natural resources, including forests. This is essential to address poverty, to mitigate poaching threats, other illegal activities, and reduce unsustainable exploitation of resources. It is also imperative to secure private sector participation in financing and operation of facilities by introducing innovative financing methods to secure the necessary investment, strengthening capacity and management of tourism facilities and services, and removing subsidies that contribute to environmental degradation
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  • 70
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Delivery Systems ; Economic Forecasting ; Economic Growth ; GDP ; Macroeconomics and Economic Growth ; Reform ; Social Protection ; Social Protections and Assistance ; Social Protections and Labor
    Abstract: The global economy continues to face steep challenges, but Timor-Leste's economy is slowly recovering. Nevertheless, gross domestic product (GDP) per capita has not returned to pre-pandemic levels. Consumer price inflation reached 7.9 percent yoy in August 2022, one of the highest in the East Asia Pacific region. The real effective exchange rate (REER) has appreciated by about 10 percent since the first quarter of 2021. Enhancing productive capabilities through structural reforms and improving quality of public spending hold the key for accelerating and sustaining economic development. Extending the life of petroleum fund through fiscal consolidation is essential to delay the fiscal cliff and ensure the perpetuation of government spending to support economic growth. Despite receding impact of the pandemic, the level of government spending has not returned to the pre-COVID 19 levels
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  • 71
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank Group Gender Thematic Policy Notes Series
    Keywords: Business Ethics, Leadership and Values ; Development Policy Lending ; Earning Equity ; Gender and Economic Policy ; Gender and Law ; Gender and Public Expenditures ; Gender Equity ; Gender Policy ; Male Dominated Employment Sectors ; Private Sector Development ; Skills Gap ; Womens Skills Development ; Womens Work ; Workplace Discrimination
    Abstract: Gender gaps in earnings persist across all regions. For every dollar men make, women make 77 cents. Closing this gap can lead to sizeable gains for economies - an estimated 160 trillion dollars in global gross domestic product (GDP) per capita. A multitude of factors contributes to this gap and this note sheds light on some of the key drivers. Effective evidence-backed policy options to close the earnings gap include providing information on work opportunities and returns to employment, training in socio-emotional skills, imparting sector-specific technical skills to address occupational segregation and adopting pay-transparency laws. The World Bank Group actively supports countries to boost women's access to better, high-quality jobs through development policy lending, advisory and analytical work, and supporting reforms to address constraining contextual factors. This note examines an array of policy options that are effective or show promise in closing gender gaps in earnings and offers some key takeaways
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  • 72
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Karra, Mahesh Liberian Women Count: Evidence from a Macrosimulation of the Gender Dividend
    Keywords: Demography ; Economic Contribution Of Women ; Economic Growth ; Gender ; Gender Dividend ; Inequality ; Macrosimulation ; Time Allocation ; Value Of Domestic Work ; Women's Empowerment ; Women's Human Capital
    Abstract: Liberian women make significant economic contributions yet are constrained from contributing even more due to their exclusion from productive opportunities. This study develops a macrosimulation model of the Gender Dividend that estimates the economic contributions of women and the societal costs incurred by excluding them. Using macroeconomic, demographic, and survey data from Liberia, the analysis finds that women were responsible for 39 percent of market-based output produced annually in 2020, equal to USD 1.08 billion, and contributed another USD 530 million in non-tradable sources of production, namely, housework and domestic chores. Using the macrosimulation model, the study estimates that if the gender gaps in labor force participation, intra-sectoral wages, and sector of employment were closed, gross domestic product would be 11.5 percent higher. If further reforms were undertaken to equalize education and reduce fertility rates to a net-reproduction rate, gross domestic product would be 23.7 percent higher. Finally, if the model also accounts for the value of non-tradable production, gross domestic product would be USD 5.89 billion, or 45.3 percent higher than today's estimates, with women being responsible for 53 percent of the labor market output. These estimates reinforce the need for a unified policy agenda that actively invests in women's human capital and work-related opportunities simultaneously
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  • 73
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Disease Control and Prevention ; Economic Growth ; GCC ; Gulf Cooperation Council ; Health, Nutrition and Population ; Inflation ; Macroeconomics and Economic Growth ; NCDS ; Non-Communicable Diseases
    Abstract: The Gulf Cooperation Council (GCC) economies performed strongly in 2022. Amidst a year of economic uncertainty marked by inflation, geopolitical crises, and supply chain insecurity, the GCC region registered remarkable GDP growth of 7.3 percent in 2022. Progress made on structural reforms are bearing fruits on the economy. Despite the uptick, inflation remains relatively muted in comparison to other high-income countries. Looking ahead, the GCC region is projected to grow at a slower pace. The main contributors to this growth are private consumption, fixed investments, and government expenditures through looser fiscal policy in response to high oil revenues. However, downside risks to the outlook are numerous. Special Focus: Non-Communicable Diseases (NCDs) pose a major health burden to the population and governments of the GCC. NCDs are also a growing concern from an economic perspective. To mitigate the health and economic burden of NCDs, the region needs to scale up efforts to target the behavioral and environmental risk factors of NCDs. Effectively addressing NCDs requires a whole-of-government approach, and the effective implementation and monitoring of targeted, evidence-based solutions. Addressing the risk factors of NCDs requires an increased strategic focus on prevention over treatment, targeting of the young and adolescents, and the development and implementation of evidence-informed, cost effective, high impact interventions. Governance structures that can effectively mobilize, incentivize, and hold accountable the many non-health sectors in the implementation and monitoring of cost-effective interventions are critical
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  • 74
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation To Climate Change ; Air Quality ; Carbon Footprint ; Climate Change Economics ; Decarbonization ; Economic Forecasting ; Economic Growth ; Environment ; Growth Prospects ; Inflation ; Low-Carbon ; Macroeconomics and Economic Growth ; Monetary Policy
    Abstract: Kenya's economic performance softened in 2022, steering towards country's long-term growth rate. Real GDP expanded by 4.8 percent in 2022, a deceleration compared with the strong rebound from the Covid-19 crisis at 7.5 percent annual growth in 2021 but broadly aligned with growth rates of Kenya's potential GDP as well as of the pre-pandemic decade. The adverse weather shock of the last two years has been a major drag on economic growth, with growth in real GDP excluding agriculture standing at 6.3 percent in 2022. Besides, the impacts of tightening of domestic macroeconomic policies and challenging global financial conditions significantly hurt domestic economic activity, especially in the latter half of the year
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  • 75
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: EAP ; Economic Growth ; Finance and Development ; Finance and Financial Sector Development ; Financial Sector ; Macroeconomics and Economic Growth ; Private Sector ; Technical Assistance
    Abstract: The overarching objective of the Seoul Center for Finance and Innovation partnership was to improve and develop financial and private sectors in the East Asia and Pacific (EAP) region by delivering better technical assistance and advisory services to EAP countries. To achieve this objective, the Seoul Center provides grants to provide demand-driven, priority technical assistance and support capacity-building needs in EAP client countries. Since 2012, a total of 32 KTF grants have been allocated to 10 EAP countries and 2 regions (EAP and Global) in three phases. This limited scope impact assessment was undertaken on behalf of the Finance, Competitiveness, and Innovation Seoul Center Korean Trust Fund (KTF) in accord with an agreed term of reference. The purpose of this assignment is to carry out an independent impact assessment of select East Asia Pacific (EAP) country-level technical assistance and advisory grant funded projects completed over ten years from 2012 through 2022. The assessment of results realized focused on fifteen country-level TA and advisory KTF grant funded activities concluded by end-2022
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  • 76
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Economic Growth ; Gender and Economics ; Gender Gaps ; Labor Markets ; Macroeconomics and Economic Growth ; Social Protections and Labor ; Township Level ; Wellbeing ; Work ; Workers
    Abstract: Myanmar's economy has been affected by numerous internal and external shocks since 2020. This report takes stock of the effect of these shocks on Myanmar's workers and their well-being using a reliable new source of household data. The report compares employment indicators from 2017 and 2022 to spotlight the extent of adversity faced by workers and households. Employment indicators for 2017 are based on official Myanmar living conditions survey (MLCS) data. MSPS provides reliable employment indicators at the sub-national level for 2022 that are comparable with baseline official data from 2017. MSPS provides reliable employment indicators at the sub-national level for 2022 that are comparable with baseline official data from 2017. While anchored in the MSPS, this report complements quantitative data with qualitative insights from the community welfare monitoring surveys, in particular the March 2023 round, conducted by the World Bank since 2020. This report is organized as follows: chapter 1 provides a snapshot of overall labor market changes since 2017 and focuses on disparities by gender, employment type, industry of occupation, and other worker characteristics. Chapter 2 analyzes similarities and differences in level employment indicators by state and regions. Chapter 3 concludes by spotlighting key township level characteristics that have influenced workers, their work prospects, and their overall well-being
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  • 77
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Economic Growth ; Finance and Financial Sector Development ; Fiscal Challenges ; Inclusive Growth ; Macroeconomics and Economic Growth ; PER ; Public and Municipal Finance ; Public Expenditure Review
    Abstract: The Union of the Comoros is a small-island country in Eastern Africa that recorded a modest economic expansion and suffered from various fiscal challenges during the last decade that had an impact on long-term growth. Limited fiscal space to address development needs explains the country's low human capital and poor quality infrastructure, which in turn hamper efforts to increase productivity and private sector growth. In addition, due to low performing State-owned enterprise (SOEs) and weakening economic performance, Comoros faces significant fiscal risks. The analysis presented in this PER supports the efforts of the government of Comoros to enhance public expenditure efficiency, create fiscal space, and limit fiscal risks. The analysis is designed to focus on public investment management (PIM) and public financial management (PFM), identify reforms that could yield fiscal and efficiency gains, and assess the governance of SOEs
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  • 78
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: CEMAC ; Economic Growth ; Energy ; Fossil Fuel Subsidies ; Fuels ; Hydrocarbon Sector ; Macroeconomics and Economic Growth ; Social Safety Net ; Taxation and Subsidies
    Abstract: This is the first edition of the Economic Update for Equatorial Guinea. This report presents recent economic developments in Equatorial Guinea as well as the medium-term economic outlook and risks (Chapter 1), followed by a detailed exploration of a specific topic (Chapter 2). This edition focuses on fuel subsidies and advises on fuel subsidy reform options and mitigation measures by drawing on lessons from international experience. The objectives of the Equatorial Guinea Economic Update are to: (i) strengthen the analytical underpinnings of the policy dialogue; and (ii) contribute to an informed debate on policy options to enhance macroeconomic management and development outcomes
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  • 79
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Climate Change Economics ; Disaster Risks ; Economic Growth ; Environment ; Floods ; Macroeconomics and Economic Growth ; Natural Disasters ; Outlook ; Poverty Impact ; Resilience
    Abstract: This 2023 Economic Update for Chad is articulated in two chapters, plus a spotlight. The first chapter presents the recent economic and poverty developments as well as the outlook from 2023 to 2025. This chapter is followed by a summary of the macroeconomic-poverty impact analyses for Chad in the World Bank Sahel Country Climate and Development Report (2022). The second chapter offers a deep dive on Chad's disaster risk profile and the drivers that make floods an increasingly important threat to economic growth and provides policy options to reduce the impact of floods and improve resilience
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  • 80
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Growth ; European Union ; Inclusive Growth ; Inflation ; Macroeconomics and Economic Growth ; Policy Challenges
    Abstract: Following a strong recovery after the onset of the COVID-19 pandemic, growth in the European Union (EU) is expected to sharply decelerate in 2023 as high inflation and increasingly tight monetary policy dampen economic activity. Despite considerable resilience, the EU economy is in a weakened spot following the string of overlapping crises since 2020, which have eroded macroeconomic buffers and left the economy vulnerable to additional negative shocks. Fiscal policy support, going forward, will need to be timely, targeted, time bound, and transparent to eventually support gradual fiscal consolidation. Part 1 of the EU regular economic report (RER) focuses on recent developments and the short-term outlook and risks. This part looks at inclusive growth trends in the EU as a whole and the four regions: Northern Europe (NE), Southern Europe (SE), Western Europe (WE) and Central and Southeast Europe (CEE). Depending on data availability, it also zooms in on a set of selected countries - Bulgaria, Croatia, Poland, and Romania
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  • 81
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Economic Memorandum
    Keywords: Economic Development ; Economic Forecasting ; Economic Growth ; Human Capital ; Inclusive Growth ; Macroeconomic Instability ; Macroeconomics and Economic Growth ; Productivity ; Volatility
    Abstract: The Country Economic Memorandum (CEM) focuses on long-term growth, outlining the challenges Papua New Guinea (PNG) faces to achieve sufficient economic growth to expand the incomes of its rapidly growing population as well as what is required for PNG to make the transition to a higher, more stable, and more inclusive growth path. PNG's modest headline economic growth has translated into limited per capita income growth in the past four decades. While the economy expanded by 3.2 percent on average during 1980-2021, per capita gross domestic product (GDP) recorded an average annual growth rate of only 0.9 percent. Moreover, the gap between PNG's per capita income level and those of its peer countries has widened. Despite being at a similar level of development in the 1970s and having enormous natural wealth, PNG's income level is diverging away from the East Asia and Pacific (EAP) region. This calls for a renewed policy focus on boosting economic growth, by addressing PNG's excessive macroeconomic volatility, low productivity growth, and high reliance on natural capital as opposed to human and physical capital
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  • 82
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: COVID-19 ; Economic Forecasting ; Economic Growth ; Economic Impacts ; Employment ; Fiscal and Monetary Policy ; Fiscal Support ; Macroeconomics and Economic Growth ; Policies
    Abstract: More than three years after the first COVID-19 case was discovered in the East Asia and Pacific (EAP) region, it is time to take stock of the lasting effects-and opportunities-of the pandemic and identify which policies may have helped stem the economic losses suffered by households and firms. To do so, this regional report examines the economic impact of the COVID-19 pandemic on households and firms in six countries: Cambodia, Indonesia, Malaysia, Mongolia, the Philippines, and Vietnam. This volume examines: (a) the links between impacts on firms and households, in particular through the employment channel, and (b) governments' fiscal responses to the COVID crisis, through transfers, subsidies, and taxes. It identifies and explains changes in household well-being by examining the economic effects of the pandemic on labor markets. As the source of employment and wage income, businesses have a direct role in determining jobs and earnings, and, indirectly, welfare, poverty, and inequality. When faced with a shock, firms responded by adjusting employment, reducing wages, increasing prices, and reducing services provided. All of these channels directly affected households' wellbeing. For this reason, the report focuses on firms in addition to households. Governments responded through various instruments, providing transfers and subsidies and lowering the tax burden to both households and firms
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  • 83
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (52 pages)
    Parallel Title: Erscheint auch als Brucal, Arlan Masters of Disasters: The Heterogeneous Effects of a Crisis on Micro-Sized Firms
    Keywords: Business Cycles and Stabilization Policies ; Business Pulse Survey Data ; COVID-19 Impact ; Crisis and Micro and Small Firms ; Crisis Effects ; Informality ; International Finance Corporation ; Macroeconomics and Economic Growth ; Microenterprises ; Private Sector Development ; Resilience ; Small and Medium Size Enterprises
    Abstract: Most crises have a disproportionately larger negative effect on micro-sized firms. Yet, the heterogeneity of impact within micro-sized firms is lesser known. Using five waves of the World Bank's Business Pulse Survey data, this paper finds that firms with zero to four employees have a much larger drop in sales and slower recovery rate compared to micro-sized firms with five to nine employees. The overall differences in the resilience between the two groups of micro-sized firms could potentially be due to a uniformly lower productivity level of firms with zero to four employees. Within the two groups of micro-sized firms, resilience is correlated with their liquidity position, managerial attitudes as well as their abilities. Using discriminant analysis, this paper confirms that a significant proportion of micro-sized firms mimic the behavior of larger firms in terms of their resilience to shocks and could potentially be "misclassified" as micro-sized. These findings have important implications for targeting and tailoring support for enhancing businesses' resilience to shocks
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  • 84
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Women in Development and Gender Study
    Keywords: CDD Livelihood Projects ; Economic Growth ; Ecosystem Approach ; Gender ; Gender and Development ; Gender Monitoring and Evaluation ; Kdrdip ; Macroeconomics and Economic Growth ; Women ; Women's Economic Empowerment
    Abstract: This paper aims to answer two important questions: how traditional CDD livelihood projects can adjust or adopt practices to strengthen women's economic empowerment outcomes, and how government and other development actors can employ an ecosystem approach to develop coordinated and sustainable local economic development on a larger scale. To answer these questions, the paper draws on a mixed-methods study of the Kenya Development Response to Displacement Impacts Project (KDRDIP), a traditional CDD livelihood program, along with an analysis of other WEE programs in the region and worldwide. The paper offers useful recommendations and insights for practitioners and policymakers
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  • 85
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: General Economy, Macroeconomics, and Growth Study
    Keywords: Adventure Tourism ; Economic Growth ; Environment ; Hiking Sector ; Macroeconomics and Economic Growth ; Tourism and Ecotourism ; Travel
    Abstract: The World Bank, in coordination with the Government of Cabo Verde, has partnered with the Adventure Travel Trade Association (ATTA) to develop a research study about the current status of the adventure tourism sector in Cabo Verde, particularly the hiking segment. The purpose of this research is to understand the potential of Cabo Verde as an adventure travel destination and the island of Santo Antao as a world-class hiking hotspot. The methodology followed a four-pronged approach to incorporate the vision of travelers visiting the country, the trade industry and international tour operators, a technical expert analysis, and secondary research of the hiking sector globally. The analysis provides a roadmap to advise the country's stakeholders in taking the relevant decisions to accelerate the path to achieve this objective
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  • 86
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Robinson, James A Endogenous Institutions and Economic Policy
    Keywords: Economic Growth ; Economic Policy, Institutions and Governance ; Endogenous Institutions ; Growth ; Inclusive and Extractive Institutions ; Institutional Change Policy ; Institutional Cooperaton Framework ; Law and Development ; Macroeconomics and Economic Growth ; Social Norms
    Abstract: This paper proposes a new framework to model institutions and institutional change. It shows how moral agents, who strive to cooperate with others, can form institutions that facilitate cooperation. The framework makes it possible to model informal as well as formal institutions as games played by moral agents: when the quality of the government is low and agents are not willing to use its services they will create informal institutions that allow them to cooperate outside the official channels. It is also possible to conceptualize institutions as inclusive or extractive and model institutional change as a consequence of the choice of moral agents among available institutions as time unfolds. With a series of examples of clientelistic networks, the paper shows that the framework can be useful for understanding how and why such networks form and persist. The framework can be used to model any interactions among moral agents, thus giving rise to a wide variety of possible institutional settings
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  • 87
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Bachas, Pierre Effective Tax Rates and Firm Size
    Keywords: Digital Technology Adoption ; Economic Growth ; ICT Data and Statistics ; Information and Communication Technologies ; Internet ; Labor Market ; Productivity ; Welfare
    Abstract: This paper provides a compressive synthesis of the most recent and widely cited literature on the effects of Information and Communication Technologies (ICTs) adoption at the country, firm, and individual levels. The study surveys and analyzes the available literature on the topics of economic growth and transformation, and highlights the main conclusions drawn by scholars, areas of ongoing debate, and remaining research questions that need to be addressed in future work. The adoption of ICTs has been found to contribute to higher GDP growth in many countries, although the exact mechanism of its impact on macroeconomic growth is still uncertain. At the firm level, digital technology has been shown to increase productivity, but it also intensifies competition and may result in job losses in certain industries or occupations. In terms of labor conditions, ICTs can provide more flexible work arrangements which could improve workers' welfare, but it can also lead to job insecurity and wage stagnation. At the individual level, digital technology can provide access to more knowledge and services, thereby improving welfare in areas such as health and education. In conclusion, ICTs adoption can have both positive and negative effects, depending on how it is understood by researchers, impacted by the private sector and regulated by governments. Policymakers in developing countries should consider these factors when designing policies to promote digital technology adoption. The effects of ICTs adoption at the macroeconomic, firm, and individual levels should be thoroughly evaluated to ensure that the benefits outweigh the potential negative consequences
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  • 88
    Language: English
    Pages: 1 Online-Ressource (60 pages)
    Parallel Title: Erscheint auch als Bussolo, Maurizio How Selling Online is Affecting Informal Firms in South Asia
    Keywords: Access To Finance ; Business in Development ; Customer Acquisition ; E-Commerce Platform ; E-Commerce Sellers ; Growing Smallbusinesses ; Informal Employment ; Informality ; Market Access ; Online Shopping App ; Onlinebusiness ; Private Sector Development
    Abstract: Understanding how e-commerce platforms are affecting the small, informal firms that sell on them is a question of growing importance to researchers and policy makers in developing countries. This paper examines this question using data from surveys of firms selling on two e-commerce platforms in South Asia. The businesses selling on these platforms range widely in terms of size, degree of formalization, and other characteristics. However, these firms - even the micro and small ones, which tend to be informal - are from a selected group, being owned and managed by individuals who are more educated and younger than the owners and managers of more typical firms in this setting. The sellers' main reason for joining the platforms is to access more customers. Most of the sellers report an expansion of their business after joining the platforms. They also report an increase in their incentive to register their business and their visibility to tax authorities. Other, less widespread channels of impact reported by the firms include the adoption of new or improved business practices and technologies, better access to finance, and greater flexibility in balancing home and work life. In general, these reported impacts do not vary significantly by firm size or degree of formalization, suggesting that even informal, small firms that have (selectively) joined e-commerce platforms can benefit from the greater market access facilitated by the platforms. Finally, given size and age, firms that have been selling on the platform for a longer period are more likely to experience these impacts, suggesting that firms learn how to use the platform more effectively over time
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  • 89
    Language: English
    Pages: 1 Online-Ressource (29 pages)
    Parallel Title: Erscheint auch als Avalos, Edgar Firms' Digitalization during the COVID-19 Pandemic: A Tale of Two Stories
    Keywords: Coronavirus ; COVID-19 ; Digital Adoption in Developing Countries ; Digital Divide ; Digitalization ; Firm-Level Innovation ; Health, Nutrition and Population ; ICT Policy and Strategies ; Information and Communication Technologies ; Innovation ; Innovation and Technology Policy ; Mobiity Restrictions and Digitalization ; Private Sector Development ; Small and Medium Size Enterprises
    Abstract: The COVID-19 pandemic accelerated the digital transformation of businesses. Using a unique global panel dataset, this paper documents the patterns of digital adoption during the pandemic across firms in 57 (mostly developing) countries. The data show the tale of two stories. On one hand, the pandemic drove firms to increase the use of digital platforms and invest in digital solutions. On the other hand, there is evidence that the digital divide increased. There remain substantial gaps between small and large firms as well as across sectors, particularly for new investments in digital solutions. Firms that did not use any digital platform or channel before the pandemic, also lagged in their response to the pandemic, increasing the gap with those that were more digitally ready. Moreover, although the share of online sales across firms for all size groups increased, there is a growing concentration of online sales among top firms. The paper discusses some of the factors associated with this increase in the digital divide and find that changes in digitalization remain even after mobility restrictions have eased. The analysis suggests that the pandemic has accelerated digitalization, but some firms disproportionately benefited from the digital transformation, potentially increasing the digital divide
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  • 90
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Banking Supervision ; COVID-19 ; Economic Growth ; Economic Stabilization ; Finance and Development ; Finance and Financial Sector Development ; Financial Stability ; Macroeconomics and Economic Growth ; Macroprudential ; Microprudential
    Abstract: Over the past two years, the World Bank has been working with Pacific Island Countries (PICs) to assess the impact of the COVID 19 pandemic on their financial systems and provide guidance to the PIC prudential authorities on policy issues relating to strengthening the resilience of financial systems in the region. As part of this work program, the World Bank produced a series of seven deep dive papers on a range of issues relating to financial stability in the PICs. Each paper was presented during an online workshop with the prudential authorities of the PICs and followed by a Questions and Answers session. The papers in the series are: COVID-19 and financial stability: guidance on financial system surveillance in the pandemic, COVID-19 and stress testing, micro prudential and macro prudential policy: seeking the right balance, early intervention in banking supervision, recovery planning for banks, bank resolution, and financial safety nets This volume pulls together these deep dive papers while being mindful that each paper stands on its own. Yet, an integrated approach is needed in all these policy areas, and it is vital to tailor reforms to country specific circumstances This recognizes that, even in a stable financial system there will inevitably be periods of financial stress and that there is a need to ensure that frameworks are in place to address these events cost-effectively and in ways that preserve market discipline, avoid moral hazard and minimize fiscal risks. Private
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  • 91
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Banking Sector ; Economic Forecasting ; Economic Growth ; Financial Economics ; Inflation ; Labor Market ; Macroeconomics and Economic Growth
    Abstract: Global growth has slowed markedly, edging closer to falling into recession. Meanwhile, growth in the East Asia and Pacific (EAP) region, excluding China rebounded, diverging from the global trend, as mobility restrictions were removed. Malaysia's growth during the quarter was also the highest relative to other regional countries. Like its regional peers, the Malaysian economy bucked the global trend and recorded a strong growth in Q3 2022. Malaysia's strong performance in Q3 2022 - and for 2022 overall - was in part due likely to the withdrawals from the employee's provident fund (EPF) which contributed to higher private consumption in Malaysia than in other countries. In addition, improved labor market conditions, other government policy measures such as the increase in the minimum wage and cash assistance programs such as Bantuan Keluarga Malaysia provided additional support. On the supply side, all economic sectors expanded during the period
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  • 92
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Debt Management ; Economic Growth ; Financial Economics ; Fiscal and Monetary Policy ; Fiscal Developments ; Inflation ; Labor Market ; Macroeconomics and Economic Growth ; Monetary Policy ; Public Investment
    Abstract: Despite a challenging global environment, Jordan's growth exceeded expectations during the first half of 2022. Propelled by a strong rebound in international tourism, the full reopening of the economy, and improving exports, real GDP accelerated to 2.7 percent. However, the rebound in economic activity was only modestly reflected on labor market indicators with unemployment rates declining only gradually. Inflation has reached its highest level since 2018 but remains contained compared to regional peers, due to temporary fuel subsidies and a number of other price control measures introduced in 2022. Yet, the untargeted subsidy support came at a fiscal cost as fiscal consolidation adjustments have slowed down despite good tax performance. On the external front, elevated global commodity prices led to a significant rise in Jordan's import bill, outpacing the effect of the increased merchandise exports and tourism. Moreover, capital and financial inflows did not keep up with the widening current account deficit, resulting in a widening of the balance of payment deficit and a drawdown in foreign exchange reserves. Nonetheless, due to its substantial reserve buffers, the Central Bank's gross foreign reserves remained at an adequate level, while Jordan continues to retain investors' confidence and access to foreign financial markets. Jordan's economic recovery in 2022 is expected to be driven by a full rebound of the services sector, helped by the full reopening of the economy and a strong rebound in tourism. However, highly volatile global fuel and food prices are impacting both domestic consumption and the trade balance. Risks surrounding Jordan's outlook include a looming global economic downturn, prolongation of the global food and energy crisis, and the impact of higher borrowing costs and widening losses from state-owned water and electricity sectors on debt dynamics. The Special Focus highlights the role of public investment as a driver of growth, with a particular focus on its recent trends, as well as its efficiency and effectiveness. This is particularly relevant given Jordan's constrained fiscal envelope. Public investment spending has been suffering from a steady decline during the past two decades to meet the fiscal consolidation targets, consistent under-execution, large dependency on external aid and lack of budget for operation and maintenance cost. Its efficiency can be maximized by having in place financially realistic long-term strategic planning, transparent project selection and an adoption of a medium-term perspective. Purposefully integrating climate concerns in public investments would also advance the country's achievement of its climate targets
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  • 93
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Attracting Business Investment ; Business Environment ; Employment Policy ; Job Generation and Creation ; Jobs Policy ; Labor and Employment Law ; Labor Market Regulations ; Law and Development ; Private Sector Development ; Remittances ; Rural Development ; Rural Labor Markets ; Skills Development and Labor Force Training ; Social Protections and Labor
    Abstract: Shaping a Better Future for the Filipino Workforce aims to inform jobs policy by examining key determinants and outcomes of jobs. Jobs are created when the macroeconomic environment is conducive and policies are predictable to businesses with sustained growth, trades, and investments. At the same time, a large body of literature also shows that economic growth alone is not sufficient for generating jobs. Jobs are created when firms pursue expansion through innovation and competitiveness and demand for more labor input, while workers' skills and human capital are able to meet the needs of firms. Intrahousehold resource allocation and decisions for labor supply also affect the jobs outcomes. It is not uncommon that workers as self-employed create jobs by initiating their own business. The market clearing process of labor is then affected by labor market institutions, most notably labor market regulations and labor policies and programs. These are key determinants of how easy it is to start a business or to hire a worker, how high labor costs are, and how efficiently firms and workers are matched. Part I looks into the country's labor market in chronological order, while Part II discusses three major areas of Philippine jobs - labor regulation, international migration, and emerging demands for green and digital jobs
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  • 94
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: General Economy, Macroeconomics, and Growth Study
    Keywords: COVID-19 ; Economic Development ; Economic Growth ; Higher Value Markets ; Macroeconomics and Economic Growth ; Obstacles ; Pacific ; Policies ; Tourism
    Abstract: Over the two decades preceding the Coronavirus disease 2019 (COVID-19) pandemic, tourism became one of the most important drivers of economic growth across the Pacific. The COVID-19 crisis had a devastating impact on tourism activity in the Pacific, with severe and potentially durable economic and social consequences. This study takes a fresh look at tourism's role for development in the Pacific, its future after COVID-19, and the scope to foster a greener, more resilient, competitive, and inclusive sector. It complements and builds on the 2016 Pacific possible report, which assessed specific opportunities to increase arrivals in a context of rapid tourism growth, by considering the changes to the industry's model that could maximize tourism's economic, social, and environmental benefits for Pacific Islanders. It does this by: (i) taking stock of the evidence on tourism's historical contribution to development in the Pacific Island Country (PICs) and of the COVID-19 crisis' impacts, (ii) analyzing current obstacles and potential opportunities for a more competitive and sustainable Pacific tourism, focusing on selected issues key to target higher value markets, and (iii) recommending policy priorities and investment needs to (re)position the Pacific tourism model for the future and broaden its benefits, focusing on competitiveness, environmental sustainability, resilience and inclusiveness. Given the scarcity of data on Pacific tourism and frequent discrepancies across sources, one of the study's main contributions is to provide a detailed quantitative assessment of the sector and its economic impacts, for instance on jobs, poverty, and public revenue, based on an extensive data collection, cross-checking and integration exercise
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  • 95
    Language: English
    Pages: 1 Online-Ressource (55 pages)
    Series Statement: Middle East and North Africa Economic Update
    Parallel Title: Erscheint auch als
    Keywords: Data Opacity ; Economic Growth ; Forecasting Growth ; Inadequate Data System ; Inflation ; Oil ; Oil Exporters ; Oil Importers ; Oil Prices ; Recovery
    Abstract: Growth is forecasted to slow down for the Middle East and North Africa region. The war in Ukraine in 2022 exacerbated inflationary pressures as the world recovered from the COVID 19 pandemic-induced recession. The response by central banks to raise rates to curb inflation is slowing economic activity, while rising food prices are making it difficult for families to put meals on the table. Inflation, when it stems from food prices, hits the poor harder than the rich. Moreover, food insecurity in MENA has been rising over decades. The immediate effects of food insecurity can be a devastating loss of life, but even temporary increases in food prices can cause long-term irreversible damages, especially to children. The rise in food prices due to the war in Ukraine may have altered the destinies of thousands of children in the region, setting them on paths to limited prosperity. Food insecurity imposes challenges to a region where the state of child nutrition and health were inadequate before the shocks from the COVID-19 pandemic. The report discusses policy options and highlights the need for data to guide effective decision making
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  • 96
    Language: English
    Pages: 1 Online-Ressource (100 pages)
    Series Statement: Africa's Pulse
    Parallel Title: Erscheint auch als
    Keywords: Debt vulnerabilities ; Economic Growth ; Energy Access ; Fiscal Space ; Inflation ; Investment ; Minerals ; Natural Resources ; Oil
    Abstract: Economic growth in Sub-Saharan Africa slowed to 3.6 percent in 2022, from 4.1 percent in 2021 but may be bottoming out. Weak investment growth and macroeconomic instability are weighing on economic activity. Inflation remains persistently high and above target despite early and sizable interest rate increase. Amid unfavorable global financial conditions and high levels of debt, African policymakers must bank on their domestic policy space to restore macroeconomic stability, deepen structural reforms to foster inclusive growth, and implement policies that harness the region's resource wealth during the low carbon transmission. This natural wealth holds significant untapped economic potential to address fiscal challenges and drive economic transformation. The low carbon transition is irreversible and will be intensive in the minerals required for the clean energy transition, many of which are abundant across Africa
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  • 97
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Economic Growth ; Employment ; Finance and Financial Sector Development ; Financial Sector and Social Assistance ; Fiscal and Monetary Policy ; Macroeconomics and Economic Growth ; PER ; Poverty Reduction ; Public Spending ; Social Assistance ; Western Balkans
    Abstract: Kosovo has gained a creditable reputation for prudent macro-fiscal management; yet necessary structural reforms and related fiscal pressures lie ahead. The country's track record includes consistently high output growth rates, prudent fiscal deficits supported by fiscal rules, and one of the lowest public debt levels among peers. The Government was able to successfully weather the COVID-19 crisis and mitigate the impact of the ongoing inflationary crisis caused by the Russian invasion of Ukraine thanks to its healthy fiscal accounts and stable financial sectors. At the same time, however, the overlapping external shocks have highlighted the inherent volatility that mirrors Kosovo's structural limitations - especially in health, energy, and education - and accentuates gaps in both human and physical capital. The objective of this Public Expenditure Review (PER) is to help the government identify means for improving the structure and quality of public services, enhance the equity of government spending, and take a holistic view of policies that will affect financing needs over time. To do so, the PER has analyzed fiscal issues that have not been explicitly detailed in, or are in the process of being incorporated into, the medium-term expenditure framework and the economic reform program. The most notable issues include the urgently needed energy investments, the ramifications of the new law on public salaries on the budget, the sustainability of the untargeted social protection system, and possible pathways of the cost of pensions in light of expected changes to eligibility criteria, and the health spending and health financing conundrum. The PER also looks back at past World Bank PER recommendations and their implementation record, in the attempt to shine a light on measures that remain valid and could still be implemented
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  • 98
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Carbon-Neutral ; Economic Growth ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Policy ; Household Incomes ; Housing Finance ; Inflation ; Labor Market ; Macroeconomics and Economic Growth ; Private Investment
    Abstract: Economic activity bounced back in Q1 2023 with the removal of mobility restrictions and a surge in spending on services. However, growth momentum has slowed since April, indicating that China's recovery remains fragile and dependent on policy support. China's GDP growth is projected to rise to a 5.6 percent in 2023, led by a rebound in consumer spending. The economic recovery offers an important opportunity for policymakers to refocus their efforts on achieving China's longer-term development objectives. Structural reforms remain crucial to solidify the recovery and achieve the longer-term goals to (i) become a high-income country by 2035 through productivity-led and environmentally sustainable growth; (ii) peak carbon emissions before 2030 and become carbon-neutral by 2060; and (iii) share the gains from economic growth more equally among the population
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  • 99
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Policy Notes
    Keywords: Disease Control and Prevention ; Economic Growth ; Health, Nutrition and Population ; Human Capital ; Impact ; Macroeconomics and Economic Growth ; NCDS ; Noncommunicable Diseases
    Abstract: Noncommunicable diseases (NCDs) hamper the development of human capital for current and future generations. NCDs are chronic conditions that are often untreatable and require close monitoring to control the progression of the disease. They account for 70 percent of all deaths worldwide and directly affect countries' economies, as every 10 percent increase in mortality due to NCDs reduces economic growth by 0.5 percent. NCDs have a direct and indirect impact that threatens the human capital of current and future generations
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  • 100
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation To Climate Change ; Economic Growth ; Environment ; Fossil Fuels Subsidies ; Hydrocarbon Prices ; Inflation ; Macroeconomic Growth ; Macroeconomics and Economic Growth ; Non-Performing Loans ; Social Safety Nets ; Transport Sector
    Abstract: This is the tenth edition of the Republic of Congo Economic Update. Each edition of this annual report presents an overview of the Republic of Congo's (ROC) evolving macroeconomic position, followed by a detailed exploration of a specific topic. The first chapter of this year's update presents recent economic developments and macroeconomic outlook and risks. It also includes policy actions that could help strengthen fiscal and debt sustainability, contain food inflation, and sustain economic recovery. The second chapter discusses fossil fuel subsidies, which represent a significant fiscal burden in the Republic of Congo
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