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Development

Kaushik Basu, the world economy, humility, and jobs

Merrell Tuck-Primdahl's picture

At his Sabanci lecture yesterday on ‘Emerging Nations and the Evolving Global Economy’, Kaushik Basu predicted that sluggish growth will likely prevail overall for the next two years, as the baton of economic growth is handed over from industrialized countries to developing countries. He cautioned that countries have bought time with liquidity injections and other stimulus measures, but that will not do anything to fix deeper structural problems.

To hear his talk, along with his views on the recent austerity debate that reached a fever pitch over the past 10 days, listen to the audio of the full lecture and question and answer session here.

Kaushik elaborated on some of his ideas for getting the world out of the current ‘time-buying’ phase in an April 23 piece in Project Syndicate op ed ‘Two Policy Prescriptions for the World Economy.’ Dani Rodrik was especially taken with Kaushik’s opening line that “One thing that experts know, and that non-experts do not, is that they know less than non-experts think they do.” This pointed to the hard truth that the austerity debate has revealed that policy setting in today’s world is a highly uncertain business and that humility should be the order of the day.

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

BET
Like Water for Internet: Ory Okolloh Talks Tech in Africa

“Last week, ahead of her trip to Washington, D.C., to speak to the World Bank about Africa’s private sector, the 35-year-old Policy Manager for Google Africa took to her Twitter account and asked her followers, “What should I tell them?”
The responses came in fast and varied from rants about corruption in multinational corporations to comments about infrastructure and energy. For the most part, Okolloh didn’t engage the responses, but she did re-tweet them for all to read and she made sure to add the World Bank’s twitter account to the dispatches so that the behemoth institution could also see what Africa’s tweeting populace had to say.” READ MORE

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

BET
Like Water for Internet: Ory Okolloh Talks Tech in Africa

“Last week, ahead of her trip to Washington, D.C., to speak to the World Bank about Africa’s private sector, the 35-year-old Policy Manager for Google Africa took to her Twitter account and asked her followers, “What should I tell them?”

The responses came in fast and varied from rants about corruption in multinational corporations to comments about infrastructure and energy. For the most part, Okolloh didn’t engage the responses, but she did re-tweet them for all to read and she made sure to add the World Bank’s twitter account to the dispatches so that the behemoth institution could also see what Africa’s tweeting populace had to say.” READ MORE

Talking Somali Piracy in Mogadishu

Phil Hay's picture

Ninety minutes after leaving Nairobi, UN flight 13W banks sharply over the Somali coastline in a series of steep turns that line it up for final approach into Mogadishu airport. The sharp turns are standard security measures to minimize exposure to fire from would-be attackers on the ground. Out of the starboard window, a number of small boats cut a slow, languid path through the ocean, while closer to the airport, large merchant ships sit anchored just off the end of the runway waiting to be unloaded in the nearby port which is the city’s economic lifeline. As we land, the tarmac shimmers in the 100 degree heat that now envelopes the city.

We’ve come to Mogadishu to present the findings of a new Bank study called The Pirates of Somalia: Ending the Threat: Rebuilding a Nation to senior ministers from the Somali government. The report concludes that Somalia cannot ‘buy’ its way out of piracy, and neither can the international community rely solely on its navies and law enforcement agencies to defeat the pirates, whether at sea or on land. The solution to Somali piracy is first and foremost political. 

In a fresh look at ending piracy off the Horn of Africa, the Bank suggests that a sustained solution to ending piracy will only come with the recreation of a viable Somali state that can deliver essential health, education, nutrition, and other services throughout the entire country, especially in those areas where piracy flourishes.

Charting a Better Future through IDA

Joachim von Amsberg's picture

Available in Español, Français, عربي

Results Matter -- See IDA at Work

Speaking ahead of the upcoming World Bank-IMF Spring Meetings, Bank Group President Jim Yong Kim called on the international community to seize the historic opportunity presented by favorable economic conditions in developing countries and end extreme poverty by 2030. This is an exciting goal, and success in achieving it has become possible. Kim pointed to the International Development Association, or IDA, the Bank’s fund for the poorest, as central to the tremendous effort needed to make this happen.

Every three years, development funders and borrowing country representatives meet to deliberate and agree on IDA’s strategic direction, financing, and allocation rules, and we just kicked off this process for the 17th “replenishment” of IDA (which provides development financing for the period July 1, 2014-June 30, 2017).

Two days of open discussion in Paris on March 20-21 with both investors and borrowers covered the complex development agenda faced by IDA countries, as well as the fund’s strategic approach to dealing with these issues. We worked to chart a way forward for IDA to most effectively improve the lives of the roughly 1 billion people in IDA countries still living on less than $1.25 a day.

Jim Yong Kim: Targets Will Help Fight Against Poverty

Jim Yong Kim's picture

MADRID -- One thousand days. That's all we have left to meet the Millennium Development Goals, a series of commitments to improve the lives of families in the developing world. I was just in Madrid to attend the United Nations' Chief Executives Board -- the heads of the UN agencies -- and we talked about the importance of setting targets to spur urgent action. Watch the video blog below to learn more.

A Chance to Make History: Achieving a World Free of Poverty

Jim Yong Kim's picture

In two weeks, economic policymakers from around the world will gather in Washington, D.C., for the World Bank-IMF Spring Meetings. As has been the case for the past five years, there will be much talk of economic crisis and of strategies to restore confidence, kick start growth, and create jobs. There is growing evidence that we are on the right track, but this agenda still requires much more work. 

The meetings, though, also offer an occasion to look beyond the short term crisis-fighting measures. It is a chance for leaders to adopt a long-term perspective and assess where we stand and where we are headed.

 

If they do, they will see that today we are at a moment of historic opportunity. For the end of absolute poverty, a dream which has enticed and driven humanity for centuries, is now within our grasp.

Longreads: China 2013 Survey, Low Carbon Competitiveness, Pakistan’s Overseas Workers, the Great Chinua Achebe

Donna Barne's picture

Find a good longread on development? Tweet it to @worldbank with the hashtag #longreads.

 

LongreadsChina’s prospects stirred interest as the BRICs met in South Africa and a new survey by the Organization for Economic Co-operation and Development found China on course to become the world’s largest economy by 2016. The OECD study says China has “weathered the global economic and financial crisis of the past five years better than virtually any OECD country” and should be able to continue catching up and improving living standards over the next decade.  While the OECD study says China needs to shift to more environmentally friendly modes of consumption and production, a new Climate Institute/GE Low-Carbon Competitiveness Index finds that France, Japan, China, South Korea and the United Kingdom are “currently best positioned to prosper in the global low-carbon economy.”

Climate Institute/GE Low-Carbon Competitiveness Index
Climate Institute/GE Low-Carbon Competitiveness Index

High Food Prices and the Global Epidemic of Obesity

José Cuesta's picture

Available in Español, Français, عربي

Today, we know that being overweight or obese are major risk factors for diabetes, cardiovascular diseases, hypertension, and premature death. We are constantly reminded that personal behaviors, influenced by culture and lifestyle, and our metabolic development contribute to being overweight or obese. In the March 2013 Food Price Watch, we wonder how another factor could potentially influence the world’s obesity epidemic: high food prices.

But first, let’s run a quick quiz. Many of us watch our weight routinely and may even have figured out our Body Mass Index—the ratio of body weight in kilograms by the square of body height in meters—to determine whether or not we are overweight. Yet there are some stunning facts about being overweight that you may not know.

Can you answer the questions about being overweight or obese below?  

Questions about being overweight or obese

For African Youth, Informal Sectors Jobs Are Normal

Ravi Kumar's picture

Available in Español, Français

 Youth Forum Breakfast, Abuja, Nigeria. Photo: Bamidele Emmanuel Oladokun / World BankYouth Forum Breakfast, Abuja, Nigeria. Photo: Bamidele Emmanuel Oladokun / World Bank

In 2011 African heads of state met in Malabo, Equatorial Guinea, for the African Union Summit. It was held under the theme: "Accelerating Youth Empowerment for Sustainable Development." The main aim of the gathering was to deliberate on Africa's youth which is growing faster than any other continent. More than 200 million people in Africa are between ages 15 through 24.

“Africa is the youngest continent. The current youth of Africa are not only important for Africa but also for the world,” said Shantayanan Devarajan, Chief Economist for the World Bank’s Africa region. Young people are usually the ones who lead innovation and are a source of labor force of any economy, Devarajan added.


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