Hi, my name is Mateo. I am 9 years old. Every night my mom reads me a story. Many times she tells me a story about how some boys are fortunate to be born rich, and some are not. My mom always reminds me that I am among the fortunate. My mom helps a program called the Program Keluarga Harapan that teaches less fortunate mothers to educate their kids. The less fortunate mothers work extra hard, because they want their children to have a better future than them.
Inequality is of concern for at least three reasons. First, lower inequality per se is an objective for a decent society. Second, lower inequality improves the efficiency of economic growth in achieving poverty reduction. Third, high inequality impedes growth itself, through its impact on social cohesion and the investment climate.
… until you dig deeper.
The Bangladesh government wants to enhance support for university research as a part of its strategy for higher education (Strategic Plan 2006-2026). Supported by the Academic Innovation Fund (AIF) under the Higher Education Quality Enhancement Project (HEQEP), researchers in Bangladeshi universities are conducting advanced research on some of the most pressing economic challenges in key sectors of the country such as agriculture, environment, and health. With upgraded research facilities and equipment, Bangladeshi faculties are publishing more on international scientific journals and training competent PhD graduates.
Foreign students who attend U.S. colleges and universities on F-1 visas bring billions of dollars each year to local economies. In order for their economic benefit to be realized through increased local jobs and investment, however, regional leaders need to capitalize on their connections to fast-growing foreign markets. This is the key finding of a new Brookings report I released today.
In my 10 years of working in the World Bank, I have seen remarkable changes around me. In 2004, Emerald Avenue in Ortigas Center, where the old World Bank office was located, started to wind down after 9 PM. Finding a place to buy a midnight snack whenever I did overtime was hard. It was also hard to find a taxi after work.
Today, even at 3 AM, the street is bustling with 24-hour restaurants, coffee shops, and convenience stores, hundreds of BPO (Business Process Outsourcing) employees taking their break, and a line of taxis waiting to bring these new middle class earners home. Living in Ortigas Center today means that I also benefit from these changes.
A few weeks ago, the results of the OECD’s PISA (Programme for International Student Assessment) module on financial literacy were revealed, with Shanghai taking top honors in this category – just as it has in the last two rounds (in 2009 and 2012) on the traditional academic curriculum (reading, math and science).
This is no coincidence, as the OECD results and many other studies suggest a close relationship between education levels and academic performance in math and reading comprehension and scores on financial literacy tests.
In the PISA report, the correlation coefficients between financial literacy scores and performance in mathematics and reading were 0.83 and 0.79 respectively across 13 OECD countries in the survey sample. For high performers like Shanghai and New Zealand, these correlations were even stronger: 0.88 for mathematics, 0.86 for reading.
While waiting for general improvement in academic performance is one path to improved financial literacy, the urgency of addressing financial skills for today’s youth has led many educators and policymakers to look for more immediate steps that can be taken, including financial education interventions at school. The PISA results, however, don’t include an assessment of the value of possible financial literacy curricula, due to the “limited and uneven provision of financial education in schools.” That factor makes comparisons across countries difficult, as described in the report.
This is for anyone who ever found themselves frustrated by numbers -- myself included.
Right before college, I remember my parents asking me what degree I wanted to pursue. Vaguely, I answered “Anything without math.” Even during my post graduate studies, I consciously picked a degree with less mathematics in its curriculum. The irony is, I now work in the World Bank Group and numbers is its core language. But there is good news, not only for rookies like me, but for everyone – numbers can be fascinating, insightful and even fun.
‘My Favorite Number,’ is a YouTube series that shows how digits can give us unique insight into global development and humanity. World Bank Group’s economists share their stories on their favorite numbers – demonstrating how their brilliance (and humor) reaffirm that numbers are vital to everyday life. The videos show us that economists are not just about numbers. They bring passion and personal perspectives to relevant issues around the world.
The World Bank recently interviewed several families in Armenia to depict the hardships people face when they cannot earn more than $5 a day per person. The country faces long, harsh winters and paying to stay warm and eat enough to survive the cold can quickly eat into the poor's meager incomes.
The Face of Poverty package aims to show how tough life can be for these families and their belief that education is the singular way out of poverty for their children.
Watch the full documentary here.