Last week a group of Bank staff joined our clients from the South Asia region for an Urbanization Knowledge Platform event on green cities. The event was held in Seoul and Daegu, respectively the largest and third-largest cities in Korea. It was hosted by the Korea Research Institute for Human Settlements (KRIHS), Korea’s premier institute responsible for urban, regional, infrastructure, land, and housing planning and research. The idea was for clients and Bank staff to learn firsthand about green city development as it happens on the ground in Korea. The following are my six takeaways from the workshops and field visits during the week.
"It's Possible!" read the roadside sign as our bus pulled into Sejong, the Republic of Korea’s future face to the world. We soon understood why Sejong is being billed as "Asia’s Green Metropolis of the Future" and Korea's new growth engine.
Our trip to Sejong this week was organized by the Korea Research Institute for Human Settlements (KRIHS), a partner with the World Bank’s flagship program on urbanization in South Asia. The program has formed a network of city leaders, policy makers, urban planners and practitioners from across the region to put the world’s best knowledge and data in their hands, and to harness urban growth for faster poverty alleviation and better development outcomes. The idea behind the trip was to take inspiration from Korea’s vision of becoming one of five top-ranked Green Economies by 2050 and to learn from cutting-edge Korean examples in green urban development for possible application in South Asian cities as they grow in size and numbers.
On June 6th, CGAP launched its annual and ever-growing photo contest that highlights the diversity and dynamism of microfinance around the world. Each year, the CGAP Photo Contest receives stunning photographs from around the world that help tell the story that CGAP’s work addresses.
Now in its 7th year, CGAP has asked entrants to focus on the broader issues that surround financial inclusion to help show the variety of formal and informal ways in which finance is woven into the fabric of poor people’s day-to-day activities. CGAP is continually trying to build upon the Contest’s success by challenging photographers to use their imaginations to capture microfinance in distinctive ways and diversify the representations of microfinance. In particular, photographers from South Asia that have consistently dominated the top prizes will need to continue wowing the judges for place as a finalist as more and more photographers from Sub-Saharan Africa, Latin America, and the Middle East deliver compelling work.
The results are in! The selection committee has chosen 25 winners in the World Bank’s Imagining Our Future Together art contest for young artists.
"With sensitive brush strokes and unusual photo angles, the young artists of Imagining our Future Together offer jointly for the first time a harmonious and joyous regional song of beauty, poetry, irony, and talent," said Marina Galvani, art curator for the World Bank.
Imagine you are an ER doctor trying to treat a very ill patient who has no medical history and only a vague recollection of symptoms. What would you do if you were the doctor? Trust your gut? Trust that the patient has chronicled his symptoms accurately enough to warrant an accurate diagnosis? This is perhaps how policymakers and aid workers felt back in 2001 when they were deciding where to begin the reconstruction of Afghanistan.
“While unemployment is around 5% in Sri Lanka, youth unemployment is nearly 3 times that. Youth unemployment is a critical challenge for us right now”, I said, in my remarks on Sri Lankan perspectives at a South Asian youth dialogue on the sidelines of the World Bank–IMF Spring Meetings last month. “Hey, what are you complaining about? Youth unemployment is almost 50% in Greece right now!”, was the immediate response I got from a World Banker in the audience. I was taken slightly aback, but it made it very clear to me - the youth unemployment issue is a gripping issue for many of the world’s economies right now, and even if the numbers may not always be on the same scale and each country has different reasons for why it’s a high-priority policy issue right now.
The last year and a half has seen everyone sit up and take notice of youth unemployment like never before – either because of the Arab Spring or protests by discontent educated youth in European capitals. The attention of economists and governments alike is on it – how did it become such a challenge? How can we address it?
Last week, I discussed the optimistic and pessimistic views of South Asia's development potential. As I highlighted in my book, Reshaping Tomorrow, South Asia is among the fastest growing regions in the world, but it is also home to the largest concentration of people living in conditions of debilitating poverty, human misery, gender disparities, and conflict.
I also ask if South Asia is Ready for the Big Leap. The optimistic view is that India will achieve double-digit growth rates benefiting the rest of South Asia. The pessimistic view is that growth will be derailed by structural and transformational challenges. In this entry, I will make some suggestions on how South Asia could realize the optimistic view.
What can be done?
On April 3, 2012, the World Bank announced the “Imagining Our Future Together” art exhibition competition for young artists (those born after 1975) to submit samples of their work to be included in an upcoming traveling exhibition, “South Asia Artists: Imagining Our Future Together.” The deadline for submissions was April 30, 2012.
We received applications from 231 artists in all eight South Asian countries:
Sri Lanka: 8
South Asia is among the fastest growing regions in the world, but it is also home to the largest concentration of people living in conditions of debilitating poverty, human misery, gender disparities, and conflict. In my book, Reshaping Tomorrow, I ask if South Asia is Ready for the Big Leap.
The optimistic view is that India will achieve double-digit growth rates benefitting the rest of South Asia. The pessimistic view is that growth will be derailed by structural and transformational challenges. Which of these two outlooks will prevail?
The Optimistic Outlook
The optimistic outlook is based on favorable trends, including improved governance, the demographic dividend, the rise of the middle class, and the new faces of globalization.
All countries in the region have an elected government for the first time since independence leading to governance that is more focused on development. Improved governance will enhance the politics of democratic accountability; diminishing the importance of identity politics; and the rates of incumbency – the likelihood of a sitting politician being re-elected – are down.
What is the account penetration among women in South Asia? Has the spread of bank agents affected how adults do their banking in Bangladesh and Nepal? How are people all over South Asia saving, borrowing, making payments and managing risk?
In the past, the view of financial inclusion in SAR has been incomplete, and the details unsatisfying. A patchwork of data from diverse and often incompatible household and central bank surveys was the only information available with which to construct a regional picture.
With the release of the Global Financial Inclusion Indicators (Global Findex) we now have a comprehensive, individual-level, and publicly-available database that allows for comparisons across 148 economies of how adults around the world manage their daily finances and plan for the future. The Global Findex database also identifies barriers to financial inclusion, such as cost, travel time, distance, amount of paper work, and income inequality.