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Russian Federation

Residential sector reform: Ukraine at the crossroads

Grzegorz Gajda's picture
Reform of the residential and utilities sector in Ukraine is now imminent, as much as the modernization of law enforcement or reform of the public health care system. In fact, Ukrainians deal with these areas on a daily basis and, historically, reforms in the residential sector were usually postponed until better times. First, it is important to explain why Ukraine finds itself in this situation. After gaining independence, Ukraine received, among other things, a tremendous amount of state-owned residential property.
 

Russia's recovery? In the long term, it depends on structural reforms

Birgit Hansl's picture
2015 is set to be a year of recession for Russia – with economic growth likely to come out somewhere between -2 and -4 percent.

The latest World Bank forecast for June projects a 2.7 percent contraction (based on an oil price of US$ 58 per barrel), which has been revised up from 3.8 percent (based on US$ 53 per barrel).

Ebola: $1 billion so far for a recovery plan for Guinea, Liberia, and Sierra Leone

Donna Barne's picture



With the Ebola outbreak waning but not yet over, the three most affected countries must now find ways to rebuild their economies and strengthen their health systems to try to prevent another health crisis in the future.

To that end, the presidents of Guinea, Liberia, and Sierra Leone came to the World Bank on April 17 to ask for help funding an $8 billion, 10-year recovery plan for the three countries, with $4 billion needed over the next four years to accelerate recovery. More than $1 billion was pledged by the end of a high-level meeting at the start of the World Bank Group -IMF Spring Meetings – including $650 million from the World Bank Group.

Public Financial Management reforms - signals or real change?

Renaud Seligmann's picture


Two decades ago, when I interned at the French Embassy’s economic mission in Moscow, I was asked to look into bankruptcy laws and their implementation. The Embassy wanted to advise French companies on how to get business done in the new Russia—we are talking mid-1990s—when there were no reliable guidebooks on how to navigate the transition to a market economy.

So I was asked to read recently approved, Western-inspired bankruptcy laws, given a phone book and asked to find two dozen companies around Moscow. I was to meet with their CEOs and find out how insolvency and bankruptcy procedures actually worked in practice.

I came away with one key finding: the rules on the books were not a very useful guide to how bankruptcy worked in practice. In fact, the distortions brought about by hyperinflation, bartering and the transition from Soviet to Western accounting meant the liquidity and solvency ratios that underpinned the institution of bankruptcy had essentially become meaningless.

Creating a pioneering Open Data ecosystem in Russia

Alexander Ryabushko's picture
Two years have passed since the World Bank’s information and communications technologies (ICT) team conducted the world’s first Open Data Readiness Assessment in Russia’s Ulyanovsk region.  Shortly after this assessment was completed and an action plan produced, Ulyanovsk launched its Open Data portal, which was widely acknowledged both by Russia’s federal government and a range of international experts.  Following this successful pilot, the World Bank has conducted Open Data Readiness Assessments in Rwanda, Tanzania, Antigua and Barbuda, Burkina Faso, Peru and Ethiopia.

We are proud to have worked together on an Open Data Initiative whose experiences and lessons learned have informed ongoing work in so many other countries. Highlights of our project in Ulyanovsk include two main results:

First, the creation of an entire Open Data ecosystem, anchored by an Open Data portal: http://opendata.ulgov.ru. There are currently 263 data sets (available in CSV, XML, JSON, HTML, XLSX and XSD formats) for viewing and downloading. All data complies with Russian laws and international standards.

The project demonstrates a high level of engagement: citizens, journalists, experts and investors looked through the data files more than 313,944 times and downloaded them more than 64,156 times. The Open Data Portal has helped a variety of clients and stakeholders make more informative decisions in a shorter amount of time, therefore saving financial and other resources. Four mobile apps and a GIS portal, based on Open Data, together form the finished project.

Love, money, and old age in China

L.Colin Xu's picture
Love is supposed to be pure and unconditional. A recent study by Ginger Jin, Fali Huang and I suggests that love is complicated: the amount of love achieved may depend on whether you or your parents found your spouse, and whether you are part of a family where old age support needs to be provided by children.

Rising Financial Pressures from the East

Aurora Ferrari's picture
It’s hard to get a break in the Europe and Central Asia region, it seems – even a short one. Hit hard by the troubles in the Eurozone at the beginning of the decade, emerging and developing countries in Eastern Europe are, at the beginning of this year, contending with renewed fears. Meanwhile, external pressures have built up on the Central Asia side as well.

All eyes turned to Russia recently, when on 16 December the ruble plunged by more than 11 percent, despite the Central Bank of Russia’s last-minute interest rate hike of 6.5 percentage points to 17 percent. When it looked like Russia’s turmoil might spread to global markets, western economies sat up and paid close attention.

What may have gone unnoticed, however, is the ongoing impact on our client countries in the Europe and Central Asia region.

Future Development Forecasts 2015

Shanta Devarajan's picture

Despite their mixed record last year, Future Development's bloggers once again offer their predictions for 2015.  Eight themes emerge.
 
1. Global growth and trade. The US economy will strengthen far above predictions. Together with lower oil prices and a better business climate in emerging markets, this will create substantial positive spill-overs, including to the smaller export-oriented Asian economies, boosting the growth of their manufactured exports well above recent trends. The US will look to open new free trade agreements in Asia—India may try to join—and seek opportunities to do the same in Africa. Meanwhile, Germany will face increasing resistance to the free-trade agreement with America (TTIP), just as Angela Merkel celebrates her 10th year in office.

The Decline in Oil Prices: An Opportunity

Ivailo Izvorski's picture

A decade of elevated oil prices brought prosperity to many developing countries. Incomes rose, poverty shrank, macroeconomic buffers were rebuilt. The fiscal space for investing more in education and infrastructure increased, resulting in better sharing of prosperity. At the same time, higher commodity prices and surging global demand resulted in much more concentrated exports in all developing oil-rich countries. "Diversifying exports" became a priority for policy makers and development economists around the world. Historical experience and evidence to the contrary from successful resource rich countries notwithstanding, many widely believe that a more diversified export structure should be an important national goal and may well be a synonym for development, a goal that government can target and achieve.  And a more diversified export structure typically meant a smaller share of commodity exports in total shipments abroad or a reduced concentration – as measured by the Herfindahl-Hirschmann index – of exports.

How Well did We Forecast 2014?

Shanta Devarajan's picture

A year ago, we polled Future Development bloggers for predictions on the coming year (2014).  Looking back, we find that many unforeseen (and possibly unforeseeable) events had major economic impact. 

We missed the developments in Ukraine and Russia, the spread of the Islamic State in Iraq, the outbreak of Ebola in West Africa, the collapse in oil prices and their attendant effects on economic growth.  At the same time, we picked the winner of the soccer World Cup, and got many of the technology trends right. Perhaps economists are better at predicting non-economic events.

Here’s the scorecard on the seven predictions made:
 


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