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Can China become the engine for world economic growth?

David Dollar's picture

This somewhat provocative question was the title of a conference hosted by Oxford and Standard Charter this week in London.  My answer was: "No, not tomorrow; but yes, eventually – especially if China continues to vigorously pursue economic reform."
 
The reason that China cannot be the engine of global growth tomorrow is straight-forward.  For the last decade an awful lot of the final demand in the world has come from the U.S.  That era is over for the time being as U.S. households now concentrate on rebuilding their savings.  No one country can fill the gap left by the slowdown in U.S. consumption: Japan, Germany, and China together have less consumption than the U.S., so no one of them can replace the U.S. as the major source of demand in the world.  It's not realistic to expect China to play that role.  But we are probably moving into a more multi-polar period in which there is more balanced growth in all of the major economies. 

Bank to give Mexico $205 million for swine flu

Nina Vucenik's picture

Augustin Carstens, Development Committee Chair, Finance Minister, MexicoAt the Development Committee closing press conference, Bank President Bob Zoellick together with Agustín Carstens, who is Mexico's Finance Minister as well as Development Committee Chair, announced that the Bank is giving Mexico more than $205 million to help the country fight the Swine Flu virus.

According to news reports, the virus has killed up to 81 people in Mexico city and a sickened more than a thousand people since the outbreak began.

“We're extremely grateful for the prompt response by the World Bank -- such promptness is always very, very appreciated,” said Carstens. “But beyond resources, what is also important is all the experience that the World Bank has accumulated in precisely having assisted other countries in this type of situation."

The project will be fast-tracked so that funds can be disbursed within 3-5 weeks.

Bank President unveils plans to deal with fallout of economic crisis

Angie Gentile's picture

World Bank President Robert B. ZoellickSpeaking at a news conference this morning ahead of the start of the World Bank/IMF Spring Meetings, Bank President Robert B. Zoellick hit on the need to address the second and third waves of economic fallout being felt in developing countries.

“First and foremost we need to ensure that we don’t repeat the mistakes of the past. When financial crises hit Latin America in the 1980s and in Asia in the 1990s…basic health, nutrition and education budgets were cut back severely. This time we must ensure that governments can protect targeted social expenditures and finance effective safety nets,” Zoellick said.

Nor can infrastructure be neglected, he said, citing the long-term negative consequences of slashing infrastructure investment during past crises. To help promote investment in roads, electricity, telecommunications, etc.--as a means of creating jobs and spurring economic growth--Zoellick said the Bank is planning a massive infrastructure initiative, to be formally launched on Saturday.

Zoellick also highlighted the Bank’s plans to boost support for agriculture—increasing lending from $4 billion in 2008 to $12 billion over the next two years to help ensure food security.

    

See more photos at the Spring Meetings 2009 Flickr set.

Watch President Zoellick's opening remarks at the news conference below:

Critical investments in safety nets to rise

Sameer Vasta's picture

Ngozi Okonjo-Iweala, World Bank Group Managing DirectorIn light of the global economic crisis, the World Bank announced today that its investments in safety nets and other social protection programs in health and education are projected to triple to $12 billion over the next two years.

Additionally, the Bank also increased its fast track facility for the food price crisis to US$2 billion from US$1.2 billion. As World Bank Group Managing Director Ngozi Okonjo-Iweala explains:

"The continuing risky economic environment, combined with continuing volatility for food prices, means for poor people the food crisis is far from over. Many poor countries have not benefitted from some moderation of food price spikes in global markets. The decision to expand the facility will help ensure fast track measures are in place for continued rapid response to help countries."

More information about today's announcements:

South Asia Regional DM Grant Competition - Deadline Extended

Aaron Leonard's picture

 

The closing date for submission of proposals for the SAR Development Marketplace on Nutrition has been EXTENDED UNTIL APRIL 14, 2009!
 
Note that proposals must be submitted online. For more information about the competition, visit the SAR DM on the web at http://www.worldbank.org/nutritiondm2009.

South Asia Regional DM Grant Competition - Deadline Approaching

Aaron Leonard's picture


The South Asia Regional Development Marketplace is accepting proposals under the theme: “Family and Community Approaches to Improve Infant and Young Child Nutrition.” Proposals are welcomed from all South Asian countries including: Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.  See the call for proposals for further eligibility criteria.

Proposals are being accepted until March 31, 2009.  About 70 of the most promising candidates will be invited to present their ideas at the South Asia Regional Marketplace event to be held in Dhaka, Bangladesh in August 4-6, 2009.  Of these, up to 25 winners will be selected by a jury of distinguished nutrition and development experts, to receive awards of up to US$40,000.

For more information, visit their website at http://go.worldbank.org/OC44S3YCY0.

South Asian Enigma: Why has high economic growth not reduced malnutrition?

Sadiq Ahmed's picture

South Asia has the highest rates of malnutrition and the largest numbers of undernourished children in the world! Poverty is often the underlying cause of child malnutrition, and while South Asia has recently experienced impressive economic growth and reduced poverty, this has not translated into improved nutrition. The region fares worse than any other developing region including Sub-Saharan Africa (45% vs. 28%, respectively).

Programs offer children in poverty a headstart

Ariel Fiszbein's picture

In the last decade, conditional cash transfer (CCT) programs are probably the key social policy innovation around the world and in the East Asia and Pacific region. The targeted programs offer money to poor households on the condition they make pre-specified investments in the human capital of children. Typically, this involves school enrollment and attendance, and basic preventive health activities such as periodic checkups, growth monitoring, and vaccinations for young children.


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