Non-energy prices made solid advances as well, with metals and minerals prices gaining more than 5 percent, also the seventh consecutive monthly increase, and a five-year high. Nickel and zinc, up 12 and 8 percent respectively, led the rise.
Precious metals climbed nearly 6 percent, with similar gains in gold and silver.
Agricultural prices, which had been stable for nearly 2 years, increased more than 2 percent, led by advances in rice (+9 percent) and cotton (+5 percent). Fertilizer prices rose over 1 percent, led by DAP (+3 percent) and Urea (+2 percent).
The Pink Sheet is a monthly report that monitors commodity price movements.
Source: World Bank.
Photo: Dylan's World / Flickr Creative Commons
A decade before the financial crisis, Australia was a bastion of infrastructure successes. The country’s four major airports (Melbourne, Perth, Brisbane and Sydney) were privatized. Numerous greenfield projects were also launched, for example, extensive highway construction, and new projects were continually added to the pipeline.
Some of these new projects, however, faced significant difficulties: some were constructed without robust performance data, leading to overambitious forecasting and overaggressive financial structures. In part, this led Australia to suffer multiple high-profile defaults and brought the country’s infrastructure project pipeline to a halt.
But, The state’s economic growth has reached 3.5%, outstripping the country’s average rate of 2.8%, and even the G20 average (which stands at 3%). As such, NSW’s infrastructure model has likely had a multiplier effect on economic activity—and has been identified as a potential playbook for other jurisdictions.
Some months ago, during a visit to one of the Central American countries, while we were on a call with the head of the electricity dispatch center, we noticed by the tone of his voice, that he was becoming nervous. Shortly after, background voices could be heard on the line. They were experiencing a crisis and he quickly asked to continue our conversation at another time.
We’re pleased to announce support for 12 projects which seek to improve the way development data are produced, managed, and used. They bring together diverse teams of collaborators from around the world, and are focused on solving challenges in low and lower middle-income countries in Sub-Saharan Africa, East Asia, Latin America, and South Asia.
Following the success of the first round of funding in 2016, in August 2017 we announced a $2.5M fund to support Collaborative Data Innovations for Sustainable Development. The World Bank’s Development Data group, together with the Global Partnership for Sustainable Development Data, called for ideas to improve the production, management, and use of data in the two thematic areas of “Leave No One Behind” and the environment. To ensure funding went to projects that solved real people’s problems, and built solutions that were context-specific and relevant to its audience, applicants were required to include the user, in most cases a government or public entity, in the project team. We were also looking for projects that have the potential to generate learning and knowledge that can be shared, adapted, and reused in other settings.
From predicting the movements of internally displaced populations in Somalia to speeding up post-disaster damage assessments in Nepal; and from detecting the armyworm invasive species in Malawi to supporting older people in Kenya and India to map and advocate for the better availability of public services; the 12 selected projects summarized below show how new partnerships, new methods, and new data sources can be integrated to really “put data to work” for development.
This initiative is supported by the World Bank’s Trust Fund for Statistical Capacity Building (TFSCB) with financing from the United Kingdom’s Department for International Development (DFID), the Government of Korea and the Department of Foreign Affairs and Trade of Ireland.
2018 Innovation Fund Recipients
- 2018 Innovation Fund Recipients
- Development Data Innovation Projects
- Social Development
- Agriculture and Rural Development
- Climate Change
- The World Region
- South Asia
- Latin America & Caribbean
- East Asia and Pacific
- Sierra Leone
- Wallis and Futuna Islands
- New Caledonia
- Burkina Faso
- Sustainable Communities
In their 20s, they are the co-founders of Green Village Electricity (GVE) Projects Limited —a company that has been providing electricity access to remote and rural parts of Nigeria through solar photo voltaic (PV) solar mini grids since 2012.
The trio began their journey in 2006 while they were interns at Shell Petroleum Company in the Niger Delta. Their work took them to remote villages, where people still lived without electricity access, despite being in an oil-rich region. These communities relied on kerosene lamps and candles for light and had to go to the village market to charge their mobile phones.
The Asia-Pacific region, comprised of 58 economies, is geographically expansive and a picture of diversity. The trends for sustainable energy in Asia-Pacific, which mirror the region’s economic and resource diversity, are underscored by the fact that . The region’s sustainable energy picture is captured in a new report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), entitled “Asia-Pacific Progress in Sustainable Energy: A Global Tracking Framework 2017 Regional Assessment Report.” The report is based on the World Bank and International Energy Agency’s Global Tracking Framework (GTF), which tracks the progress of countries on energy access, energy efficiency, and renewable energy under Sustainable Development Goal 7 (SDG7).
Four overarching sustainable energy themes emerge from the report:
Photo: CIFOR | Flickr Creative Commons
Africa is a continent rich in natural resources and boasts a large young, ambitious, and entrepreneurial-minded population. Harnessed properly, these endowments and advantages could usher in a period of sustained economic growth and increased well-being for all Africans.
However, a lack of modern infrastructure is a major challenge to Africa’s economic development and constitutes a significant impediment to the achievement of the Sustainable Development Goals.
According to a recent report by the World Bank, there are varying trends in Africa’s infrastructure performance across key sectors and regions. In telecommunications, Sub-Saharan Africa has seen a dramatic improvement in the quantity and quality of infrastructure, and the gains are broad-based. Access to safe water has also risen, with 77% of the population having access to water in 2015, from 51% in 1990. In the power sector, by contrast, the region’s electricity-generating capacity has changed little in more than 20 years. At about 0.04 megawatts per 1,000 people, capacity is less than one-third of that of South Asia, and less than one-tenth of that of Latin America and the Caribbean.
In just three weeks, early February 2018, representatives of the world’s countries and cities will convene again to discuss “Cities 2030, Cities for All: Implementing the New Urban Agenda” at the world’s premier conference on cities – the Ninth Session of the World Urban Forum (WUF9) in Kuala Lumpur, co-hosted by UN-Habitat and the government of Malaysia.
In the video, World Bank Senior Director Ede Ijjasz-Vasquez (@Ede_WBG) and Director Sameh Wahba (@SamehNWahba) share the World Bank's three priorities at the World Urban Forum.
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As the world’s largest financier on urban development, the
Download the January 2018 Global Economic Prospects report.
The 2014-16 collapse in oil prices was driven by a growing supply glut, but failed to deliver the boost to global growth that many had expected. In the event, the benefits of substantially lower oil prices were muted by the low responsiveness of economic activity in key oil-importing emerging markets, the effects on U.S. activity of a sharp contraction in energy investment and an abrupt slowdown in key oil exporters.
Biggest drop in oil prices in modern history
Between mid-2014 and early 2016, the global economy faced one of the largest oil price declines in modern history. The 70 percent price drop during that period was one of the three biggest declines since World War II, and the longest lasting since the supply-driven collapse of 1986.
Real oil prices