East Asia economies are projected to grow by 7.8 percent this year, outpacing last year’s growth and potentially boosting the world economy, according to a new report by the World Bank Group. But World Bank Vice President for East Asia and Pacific, Axel van Trotsenburg, said in order to maintain sustained long term growth, East Asia governments must create jobs and improve infrastructure.
|Noel Aspras in the Philippines says that "even the lowliest of farmers owns a cellphone now" because it has become a necessity. Watch the video below.|
When I lost my mobile phone two years ago, I felt dismembered. After all, my cellphone was constantly by my side, serving as alarm clock, calendar, and default camera for those ‘Kodak’ moments you couldn’t let pass. It was also a nifty calculator that I turned to when splitting restaurant bills with friends.
After grieving the loss of my “finger” for two days, I pulled myself together and got a new, smarter phone that allowed for faster surfing on the web, audio recording and a host of other functions that, well, made me quickly forget the lost unit. A blessing in disguise, I told myself.
So when no less than a farmer from Pagsanjan in the Philippines’ Laguna province told me that mobile phones were “no longer a luxury, but a necessity,” and added that “even the lowliest of farmers riding on a carabao (water buffalo) owns one,” I couldn’t agree more.
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In this digital age, it’s easy to forget that there is a staggering amount of physical goods moving across the globe. Most trade—80 percent by volume—moves through seaports. Trade in developing countries makes up a good chunk of the total, and is growing fast. Handshake, IFC’s quarterly journal on public-private partnerships (PPPs), reports trade in developing countries is growing at nearly 14 percent.
And a lot of this trade is happening in Asia. In its June 21, 2012 issue, the Economist reports that the center of gravity of cargo trade is shifting from Europe to Asia. So it should come as no surprise that Asia is leading investment in seaports. Handshake reports that from 2000-2011, the East Asia Pacific region accounted for nearly $14 billion—32 percent—of private investment in seaports, mainly from China. The Philippines and Singapore are also major Asian investors in seaport projects.
Much of this investment comes through PPPs. Does this really make a difference? I’d say it does. Private sector financing and expertise make seaports and shipping more efficient. This in turn benefits emerging markets, which are becoming more and more engaged in global trade.
Could seaport investments be a predictor of future trends in trade? If so, Asia will become even more of a trade hotspot than it is today.
For further information, read Issue #6 of Handshake: Air & Sea PPPs.
|The devastation from the Sichuan earthquake was immense; the recovery, impressive.|
Four years ago on May 12, 2008, the world was stunned by the news of an 8-magnitude massive earthquake that struck Wenchuan of Sichuan Province and affected, in total, ten provinces in Southwestern Ch
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|Changes were made in the way village meetings were run so women would participate more.|
Whenever and wherever the Bank supports a project, to “mainstream” gender is one of the goals. The idea is a fairly simple one. Right? Making sure that men and women benefit equally from the poverty reduction activities we support.
There are a number of tools we produce to help us achieve this—Gender Analysis, Regional Gender Action Plans, County Gender Action Plans, Gender Disaggregated Outcome Indicators, Gender Check-Lists, Strategies and Tool-Kits, etc. So looking at the amount of guidance we seem to need one might be forgiven for thinking this is an exceedingly complex task and for wondering whether in reality (i.e. after that board approval is done and the real work of implementation begins) all of the “gender mainstreaming language” doesn’t get a little lost in translation…
How China’s current account surplus will evolve in the coming years is one of the key questions on the economic outlook, both for China itself and for the global economy. China’s increasingly competitive manufacturing sector will continue to power ahead, to expand exports and to gain global market share. At the same time, China’s domestic economy should continue to grow rapidly, thereby drawing imports. However, how this will on balance play out with regard to the current account surplus is less certain. It will largely depend on how much progress is made with rebalancing the economy.