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Global Economy

Accelerating economic growth and job creation in Bangladesh

Sanjay Kathuria's picture
Instructor and Students at the Bangladesh Korea Technical Training Center, Chittagong
Instructor and Students at the Bangladesh Korea Technical Training Center, Chittagong.
Credit: Mahfuzul Hasan Bhuiyan

Bangladesh has a major opportunity to address one of its most pressing development challenges: creating 20 million new jobs over the next decade.  And the trade agenda will be a centerpiece of any strategy that seeks to address this challenge.
 
Join me for a Facebook Q/A chat on January 28 to discuss this and other findings from the recently released report Toward New Sources of Competitiveness in Bangladesh co-authored with Mariem Mezghenni Malouche.
 
Below are some 4 highlights from the report, which we will be discussing. I look forward to your questions and a vibrant discussion!
 

  1. Bangladesh will need to expand its linkages with neighboring countries such as China and India as well as other Asian countries like Japan and South Korea.  Not only are these very large markets, they are also potential sources of greater foreign direct investment.  What are the critical steps that will allow this to happen?  How can the recently signed Motor Vehicles Agreement between Bangladesh, Bhutan, India and Nepal help?  What are the barriers to Bangladesh’s venturing into new markets?

  2. Bangladesh will need to gradually diversify its export base into new product areas while also strengthening its position as the second-largest garment producer in the world (after China).  Our report explores the critical challenges that could allow this to happen.  In your view, what challenges lie ahead if Bangladesh tries to diversify its exports?  Can you name some prospective industries (for diversification)? What will be the role of foreign direct investment in this diversification?  What kind of reforms are needed to attract more domestic as well as foreign direct investment?

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Global economic prospects: sluggish emerging market activity to weigh on global growth in 2016

Carlos Arteta's picture

Global economic growth is projected to pick up modestly in 2016 to 2.9 percent after a disappointing 2015, the January 2016 Global Economic Prospects report says.  Growth slowed last year to a 2.4 percent rate, 0.4 percentage points below earlier projections, amid falling commodity prices and weak flows of trade and capital.

Growth is expected to edge up this year as advanced economies grow more solidly, commodity prices stabilize, China continues to gradually rebalance its economy and global financial conditions remain benign despite rising United States interest rates.  Even so, the forecast is lower than projections of six months ago, principally due to the simultaneous slowdown in major emerging market economies.
 

Demography should guide policies in the world’s centers of poverty and fragility

Hans Lofgren's picture
What role could demographic policy play in the countries with the highest poverty rates and the lowest level of human development, which often also suffer most from conflict and violence? A crucial role.

This is a key message in the Global Monitoring Report 2015/2016 – Development Goals in an Era of Demographic Change, recently issued by the World Bank and the IMF. The countries in this category are labeled “pre-dividend,” (see Figure 1); two thirds of the world’s countries most affected by fragility, conflict and violence belong to this group.

Figure 1. Global Monitoring Report Demographic Country Typology: Pre-dividend countries.
Source: World Bank. 2015. Global Monitoring Report.

Did data miss the Arab Uprisings?

Mohamed Younis's picture
Cairo's Tahrir Square, Egypt. Hang Dinh / Shutterstock.com

In the build up to the Arab uprisings, data was doing its part to deceive those who follow the region closely. Tunisia and Egypt provide great examples. Both nations closed the first decade of the century implementing the kind of classic economic reforms often praised by western-based multilateral and international organizations. Extremely qualified, intelligent and well-meaning experts on both countries took an objective look at reforms, GDP trajectories and other traditional metrics, such as infant mortality rates, poverty reduction, etc., and concluded that these countries, while not perfect, were moving forward along a path of increasing correction. A few weeks later, both nations were in complete political upheaval.  

Education – the analog foundation for our digital lives

Michael Trucano's picture
A technical education class


Earlier today the World Bank released the 2016 World Development Report.

This widely read World Bank flagship publication explores a topic of broad relevance in the fields of international development and development economics. This year's report, 'Digital Dividends,' examines the impact that the Internet and mobile networks are having (and not having) around the world.

Estonia’s digital dividends

Toomas Hendrik Ilves's picture

Digital technology dominates our everyday lives, and with each passing day, even more so. How can the global community benefit from the new digital era?
 
The World Bank’s World Development Report 2016 (WDR 2016) provides a useful framework and guidance for harnessing the potential of the internet for development. “To get the most out of the digital revolution, countries also need to work on regulations, skills and institutions—by strengthening regulations that ensure competition among businesses, by adapting workers’ skills to the demands of the new economy, and by ensuring that institutions are accountable,” says the Report. This may sound familiar, but it is not. Let me explain. 

Online outsourcing: A global job opportunity for everyone?

Saori Imaizumi's picture
“My life has totally changed. Now I am earning money from the Internet and I come to know a lot of new things. Internet is really amazing.”
- Male, from Madurai, India, Age between 16-25, intermediate diploma holder
 
“ I am a full time independent freelancer and my 100% earning comes from online. So definitely internet is one of the most important things in my life”
- Male, from Dhaka, Bangladesh, Age between 26-45, completed Bachelor and above

 
These quotes are just a glimpse at the power of digital technologies, coming from many amazing stories as people answered the following question online: “how has your life changed (personally or professionally) after you began to use the internet?” A key message from the responses is “Internet provides an opportunity to learn, earn, make friends, connect with family and friends, apply for jobs easily, and shop online.”  As discussed in the upcoming World Development Report 2016 “Digital Dividends,” the internet, and other digital technologies, are changing the way people work, entertain, interact, and find jobs across high, middle and low-income countries.

#7 from 2015: 5 things you should know about governance as a proposed sustainable development goal

Vinay Bhargava's picture

Our Top Ten blog posts by readership in 2015.  This post was originally posted on June 8, 2015. It was also the blog post of the month for June 2015.

South Sudanese prepare for independenceVinay Bhargava, the chief technical adviser and a board member at Partnership for Transparency Fund, provides five takeaways on governance and development interactions from a recent panel discussion hosted by the 1818 Society.

On May 27, I had the pleasure of serving as a panelist at an event organized by the Governance Thematic Group of 1818 Society of the World Bank Group (WBG) Alumni.

The panelists were: Mr. Homi Kharas, Senior Fellow and Deputy Director for the Global Economy and Development program at the Brookings Institution; Ms. Heike Gramckow, Acting Practice Manager, Rule of Law and Access to Justice at the Governance Global Practice at the World Bank Group; Mr. Brian Levy, Professor of the Practice, School of Advanced International Studies (SAIS), Johns Hopkins University; Mr. Jerome Sauvage, Deputy head of UN Office in Washington DC. Mr. Fredrick Temple, currently Adviser at the Partnership for Transparency Fund, moderated the workshop. 
 
The panel presentations and discussion were hugely informative and insightful. I am pleased to share with you my five takeaways that anyone interested in governance and development interactions ought to know.

Developing but growing less happy: what explains this paradox in the Arab world?

Elena Ianchovichina's picture
Shutterstock l arindambanerjee

The events of the Arab Spring took the world by surprise: there were no obvious signs of an approaching storm in the Levant and the Maghreb. Objective measures—used on a regular basis—showed that economies in these parts of the Middle East and North Africa grew at a moderate pace, had low and declining rates of absolute poverty, low-to-moderate income inequality, as well as decreasing child mortality rates and increasing levels of literacy and life expectancy. 

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