The term "big data" is much in the news lately – alternatingly touted as the next silver bullet potentially containing answers to myriad questions on natural and human dynamics, and dismissed by others as hype. We are only beginning to discover what value exists in the vast quantities of information we have today, and how we are now capable of generating, storing, and analyzing this information. But how can we begin to extract that value? More importantly, how can we begin to apply it to improving the human condition by promoting development and reducing poverty?
That is precisely the question that motivated the World Bank Group and Second Muse to collaborate on the recently released report Big Data in Action for Development. Interviews with big data practitioners around the world and an extensive review of literature on the topic led us to some surprising answers.
Image Source: Wikimedia Commons
Time travel is, of course, the stuff of science fiction. H. G. Wells wrote about it in 1895, and it’s been fertile territory for film and television makers ever since. But the ability to store and retrieve digital records has at least made it possible to travel back in time with data...
For users of statistics, it turns out this can be a pretty handy thing to do: estimates and measures of many indicators get revised as methods improve, and as geographies and economies shift over time. A statistical data Time Machine can help answer questions like how much estimates been revised - and even whether different decisions might have been taken with the benefit of hindsight.
Now, 2015 is the year of the Data Revolution. So, let’s make a contribution by making a Time Machine using World Bank open data. We're pleased to announce that the World Development Indicators Database Archives are now available in the DataBank Application, read more below on how we got here!
“We promise to add rich detail to our maps so that anyone will be able to go online, click on the maps, and immediately learn where we are working and what we are doing.” (Jim Yong Kim, Annual Meetings 2013)
For the first time, the World Bank Group’s (WBG) full portfolio, including IFC and MIGA is on the map (maps.worldbank.org). This accomplishment marks the completion of the geo-mapping target President Kim announced at the 2013 Annual Meetings. It is the result of a long collaboration across the WBG team’s to overcome numerous hurdles and successfully built on the foundation put down by the Mapping for Results team.
(Source: FRED Economic Data)
A recent World Bank Group feature story broke down country by country the potential regional consequences. And according to the Bank Group’s Global Economic Prospects report, the decline in oil prices will dampen growth prospects for oil-exporting countries.
There are various factors that can be used to assess the impact of falling oil prices on countries. One such factor is trade. Countries exporting mostly fuel products will lose export revenue as oil prices drop. The chart below shows the top 15 countries that exported fuel in 2012. You can visualize the data for other years and products using the World Integrated Trade Solution’s (WITS) product analysis visualization tool.