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Global Economy

The Philippines: Resurrecting Manufacturing in a Services Economy

Birgit Hansl's picture
In recent years, the Philippines has ranked among the world's fastest-growing economies but needs to adjust to the demands of a dynamic global economy.

The Philippines is at a fork in the road. Despite good results on the growth front, trends observed in trade competitiveness, Global Value Chain (GVC) integration and product space evolution, send worrisome signals. The country has solid fundamentals and remarkable human assets to leapfrog into the 4th Industrial Revolution – where the distinction between goods and services have become obsolete. Yet it does not get the most out of this growth, especially with regards to long-term development prospects. In order to do so, the government will have to make the right policy choices.

Phenomenal development: New MOOC draws economic policy lessons from South Korea’s transformation

Sheila Jagannathan's picture

The World Bank Group’s Open Learning Campus (OLC) launched a free Massive Open Online Course (MOOC) today — Policy Lessons from South Korea’s Development — through the edX platform, with approximately 7,000 global learners already registered. In this MOOC, prominent representatives of academic and research institutions in South Korea and the United States narrate a multi-faceted story of Korea’s economic growth. 
Why focus on South Korea? South Korea's transformation from poverty to prosperity in just three decades was virtually miraculous. Indeed, by almost any measure, South Korea is one of the greatest development success stories. South Korea’s income per capita rose nearly 250 times, from a mere $110 in 1962 to $27,440 in 2015. This rapid growth was achieved despite geopolitical uncertainties and a lack of natural resources. Today, South Korea is a major exporter of products such as semiconductors, automobiles, telecommunications equipment, and ships.

Source: World Development Indicators, 12/16/2016

Services as a new driver of growth for Thailand

Ulrich Zachau's picture
Also available in: ภาษาไทย

There’s a good chance you work in the service sector. Services account for 17 million jobs in Thailand, or approximately 40 percent of the Thai labor force. It encompasses diverse industries such as tourism, retail, health, communications, transportation and many sought-after professions such as architects, engineers, lawyers and doctors. Many Thai parents aspire for their children to join the service sector, and the sector carries many of Thailand’s economic hopes and ambitions.

ภาคบริการ: ปัจจัยขับเคลื่อนเศรษฐกิจตัวใหม่ของประเทศไทย

Ulrich Zachau's picture
Also available in: English

มีโอกาสสูงที่คุณทำงานอยู่ในภาคบริการ  ประเทศไทยมีงานในภาคบริการถึง 17 ล้านตำแหน่งหรือร้อยละ 40 ของกำลังแรงงานไทย ภาคบริการครอบคลุมหลายอุตสาหกรรมทั้ง การท่องเที่ยว การค้าปลีก สุขภาพ การสื่อสาร การขนส่ง รวมถึงวิชาชีพที่เป็นที่ต้องการ อาทิ สถาปนิก วิศวกร นักกฎหมาย และแพทย์  พ่อแม่หลายคนหวังว่าลูกจะสามารถเข้าทำงานในภาคบริการซึ่งเป็นภาคที่ประเทศไทยได้ฝากความหวังด้านเศรษฐกิจและความมุ่งมั่นที่จะก้าวไปสู่ประเทศที่มีรายได้สูงไว้

Boon or bane: Trade agreements in Malaysia

Smita Kuriakose's picture

In the past several decades Malaysia has witnessed strong economic growth and has become one of Asia’s newly industrialized countries. In one generation it transitioned successfully from low to upper-middle-income status, due in large part to outward looking policies, trade, and foreign direct investments (FDI) — which contributed to the successful diversification of the economy. Today, Malaysia faces the challenge of escaping the middle-income trap as its productivity slows and it becomes less competitive.
Free trade agreements (FTAs) such as the Trans-Pacific Partnership (TPP) and Malaysia EU-FTA bring the potential for greater market access for Malaysia. This new generation of free trade agreements offers opportunities for Malaysia to strengthen reforms beyond tariff reduction, covering commitments such as competition and investment policies, non-tariff measures, intellectual property rights, labour standards, and opening up government procurement for competition.  With a market-friendly government and a strong track record of reforms, there are new opportunities for reinvigorating structural reforms to support private sector-led economic growth. Accelerating productivity growth is a key element of the 11th Malaysia Plan, which aims to bring Malaysia to high income status by 2020.

Cambodia is now a lower-middle income economy: What does this mean?

Sodeth Ly's picture
Also available in: Cambodian
Two decades of economic growth have helped make Cambodia a global leader in reducing poverty.
The success story means the Southeast Asian nation that overcame a vicious civil war now is classified as a lower-middle income economy by the World Bank Group (WBG).
The new classification this year is based on thresholds set by the WBG in a system with roots in a 1989 paper that outlined the methodology. The table below shows the different levels of classification based on Gross National Income (GNI): 
Threshold GNI in July 2016
Low-income <$1,025
Lower-middle income $1,026 - $4,035
Upper-middle income $4,036 - $12,475
High-income > $12,476

Supporting inclusive growth in Cambodia

Victoria Kwakwa's picture
A Cambodian farmer. photo by the World Bank
A Cambodian farmer. Photo: The World Bank

Today, Cambodia is among the world’s fastest growing economies. Its gross national income per capita increased by more than threefold in two decades, from $300 in 1994 to $1,070 in 2015.

Strong economic growth has helped lift millions of people out of poverty.

The Cambodian people have benefited as the economy diversified from subsistence farming into manufacturing, tourism and agricultural exports. Poverty fell to 10% in 2013, from 50% in 2004. Cambodians enjoy better school enrollment, literacy, life expectancy, immunization and access to water and sanitation.

Firing up Myanmar’s economy through private sector growth

Sjamsu Rahardja's picture
Workers at a garment factory
Myanmar’s reintegration into the global economy presents it with a unique opportunity to leverage private sector growth to reduce poverty, share prosperity and sustain the nationwide peace process.
For much of its post-independence period, Myanmar’s once vibrant entrepreneurialism and private sector was stifled by economic isolation, state control, and a system which promoted crony capitalism in the form of preferential access to markets and goods, especially in the exploitation of natural resources. Reflecting this legacy, private sector firms are still burdened with onerous regulations and high costs, dragging down their competitiveness and reducing growth prospects.

2008: Нийтлэг зорилгоо тодорхойлох нь

Erdene-Ochir Badarch's picture
Also available in: English

Албан бус орчуулга.

Дэлхийн Банк болон Монгол улсын хамтын ажиллагааны 25 жилийн түүхийг бид жил жилээр эргэн харж байгаа. Өнөөдөр бид 2008 оныг авч үзье. 2008 он монголчуудын хувьд хар, цагаан аль алинаар нь дурсагдан үлдэх он болсон. Хар гэдэг нь 2008 оны парламентын сонгуулиас үүдэлтэй хэрэг явдал байлаа. Жирийн таван иргэн амиа алдаж, нийслэл Улаанбаатар хотод хоёр өдөр, гурван шөнө онц байдал тогтоосон. 1990 онд Монгол улс нэг тогтолцооноос нөгөө рүү тайван замаар шилжсэнээрээ бахархаж байсан бол 2008 оны хэрэг явдал нь ардчиллын 25 жилийн түүхэн дэх хамгийн хар цаг үе байлаа.

2008 энэхүү хар хэрэг явдлын дараахан Найдангийн Түвшинбаяр Бээжингийн олимпоос Монголын анхны олимпийн алтан медалийг хүртсэн юм. Төв талбайдаа цуглан Монголынхоо далбааг намируулж, алга ташин баяр хүргэж байсан хүмүүсиййн царайг би хэзээ ч мартахгүй. Дэлхийн Банкны Монголыг хариуцсан захирал Дэвид Доллар энэ түүхэн үйл явдлын гэрч бөгөөд “Энэ үйл явдал нь өрсөлдөгч улс төрийн намынхан хоорондоо гар барьж, бахархлаа хуваалцахаар ач холбогдолтой байсан юм” гэж бичсэн байдаг.

2008: Defining common goals through deliberation

Erdene-Ochir Badarch's picture
Also available in: Mongolian

Continuing with our series looking at the 25 year partnership between Mongolia and the World Bank, today we look at 2008, a year that will be remembered by many Mongolians for events both high and low. The low point was the riot that followed parliamentary elections on 1st July, 2008. Five innocent lives were lost and Ulaanbaatar city was under a state emergency for two days and three nights. While Mongolia is rightfully praised for its peaceful transition from one regime to another in 1990, this incident of 2008 will be remembered as the darkest time in the 25 years of democracy.

The high of 2008 occurred after this riot when Mr. Tuvshinbayr Naidan brought home Mongolia’s 1st ever gold medal from the Beijing summer Olympics. I will never forget the sight of people waving our national flag, gathering in the Central Square and cheering with exhilaration.   The World Bank’s Country Director, David Dollar, also celebrated this historic occasion, noting that “The event was important enough to get rival political parties to shake hands and share the pride.”