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Prospects Daily: India’s stocks rally for 8th day to record high, U.S.’s Markit flash Manufacturing PMI falls in July, China’s flash Manufacturing PMI rises strongly

Global Macroeconomics Team's picture

Financial Markets

U.S.’s Treasuries dropped on Thursday as reports showed that U.S. jobless claims unexpectedly fell to an 8-year low in July. The 10-year yield rose by 4.0 basis points to 2.51% in afternoon trading in New York. The 30-year yield also rose by 4.0 basis points to 3.30% after falling to 3.24% on July 21, its lowest level since June 7, 2013. Year-to-date, Treasuries have gained 3.6%, compared to a loss of 3.4% last year.

 

Strengthening Local Governments in Tunisia

Jaafar Sadok Friaa's picture
Video

Decentralization in Tunisia means empowering local government. A new World Bank project aims to build the capacity of local government and make it accountable. Jaafar Friaa, Team Leader for the Program discusses the project's goals.

Using Open Data to drive innovation, collaboration and change in India

Vikas Kanungo's picture
Open Data has the potential to be a game-changing tool in poverty reduction and economic growth. The World Bank has been actively encouraging governments to become more transparent, more accountable to their citizens, less susceptible to corruption and better at delivering services.  

We often consult various partners – including governments, organizations and other implementers – on Open Data and its critical role in economic development and growth. The World Bank’s team of information and communication technology (ICT) and open data experts help explore the potential for forecasting national and global trends, while also unlocking opportunities for innovation and improved performance. These consultations serve as a crucial starting point in planning, implementation and correction of many government, private sector and civil society initiatives.

Since 2012, the Bank has organized a series of trainings on open data tools and online resources for users in government, economic research institutes, media, civil society, academia and the private sector. More than 3,000 stakeholders have been trained already in 10+ major cities of India. There is need to take this agenda forward especially in the low-income states where exposure to the Bank's resources is lower.

Reputation and Governance Styles: The Leader as a Smart Aleck

Sina Odugbemi's picture

Because we have a global audience, I must start by explaining that, according to the Oxford American Dictionary, a smart aleck is “a person displaying ostentatious or smug cleverness’.  It also reports that one usage of the word ‘smart’ means: “(of transactions) unscrupulous to the point of dishonesty”. If you watch crime movies the way I do, there is a tendency to admire ‘smart play’, that is, ruthlessly clever and effective maneuvers. The best crime bosses are masters of ‘smart play’. In order words, they are smart alecks.

What is fascinating is how often (particularly in the massed punditry of elite global media) a capacity for smart play by political leaders is glorified. Leaders are routinely judged and compared with regard to whether or not they appear to shape the game, determine events, or impose their will on others and so on. If they do not seem to do that, they are dismissed as effete. If they seem to do that, they are admired and glorified.  What is particularly striking is how often the writers who say these things leave out ethical standards. I believe, for instance, that true evil is a willingness to act without ethical considerations. Yet, notice how often leaders are admired for ostentatiously clever play even if the methods are odious.

But I am interested in a much narrower question. And it is this: if we leave out ethical considerations, is a reputation for ‘smart play’ good for a leader? Does it make her more effective?  To throw this into bold relief, I am going to tell two kinds of stories- one domestic, and the other global.
 

Making Development Edutaining

Swati Mishra's picture

Development is not easy; making it sustainable, even more difficult. Take for example road traffic rules. We can build better roads and install traffic lights, but cannot guarantee adherence to traffic rules. Even with laws in place, people may be more willing to pay fines than stop at a red light or wear seat belts. How do you make people value their own lives or their betterment? To succeed, we have to motivate people rather than just educate them.

Achieving Impact in Development Requires Us to Venture into Tough Places

Jin-Yong Cai's picture

For two decades, the world has made extraordinary progress in development — lifting nearly 700 million people out of extreme poverty and halving the percentage of people living on less than $1.25 a day. Now the work gets even harder: extending that progress will require us to focus on improving lives in some of the world’s most difficult corners.
 
Conflict and poverty are mutually reinforcing. Large numbers of the world’s poorest live in areas torn by conflict, instability, and violence — and the numbers are growing. Quite simply, we cannot end poverty and boost shared prosperity by 2030 unless we ramp up our work in these areas.

Weekly Wire: The Global Forum

Roxanne Bauer's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Net Threats
Pew Research Internet Project
As Internet experts look to the future of the Web, they have a number of concerns. This is not to say they are pessimistic: The majority of respondents to this 2014 Future of the Internet canvassing say they hope that by 2025 there will not be significant changes for the worse and hindrances to the ways in which people get and share content online today. And they said they expect that technology innovation will continue to afford more new opportunities for people to connect. Still, some express wide levels of concern that this yearning for an open Internet will be challenged by trends that could sharply disrupt the way the Internet works for many users today as a source of largely unfettered content flows.
 
Good Governance- A Sustainable Development Goal Too Essential To Be Side-lined
Huffington Post
What do the public in the USA, UK, France and Germany consider the greatest impediment to global development? According to new research by the Gates Foundation and partners released at the InterAction forum last month called the Narrative Project, the answer is corruption. Additionally, a recent Gallup poll showed that, around the world, satisfaction with "freedom" is inversely proportional to the perception of corruption in a given country. The answer to corruption is good governance, at the national and local levels. But governance goes well beyond just stopping corruption. It is the cornerstone of individual freedom, political participation, secures the rights of the individual and the media, and makes politicians accountable to their constituencies.

Boosting South Asian Trade – Carpe Diem!

Sanjay Kathuria's picture
sar-trade-manufacturing
Ismail Ferdous/World Bank

South Asia’s Commerce Ministers meet in Thimphu on July 24. Getting there would not have been easy for many of them, with no direct flights between Thimphu and four of the seven capitals. In June, when some of us convened for a regional meeting in Kathmandu, our Pakistani colleagues had to take a 20 hour flight from Karachi to Dubai in order to get to Kathmandu! This is symptomatic of the overall state of economic engagement within South Asia—in trade in goods and services, foreign direct investment and tourism.

South Asian countries’ trade policies remain inward-looking compared to other regions, and there are even bigger barriers to trade within the region. Today, South Asia today is less economically integrated than it was 50 years ago. Figure 1 below shows that intra-regional trade in South Asia accounts for less than 5 percent of total trade, lower than any other region. 

What’s the Best Way to Measure Empowerment?

Duncan Green's picture

Monitoring, Evaluation and Learning (MEL) used to send me into a coma, but I have to admit, I’m starting to get sucked in. After all, who doesn’t want to know more about the impact of what we do all day?

So I picked up the latest issue of Oxfam’s Gender and Development Journal (GAD), on MEL in gender rights work, with a shameful degree of interest.

Two pieces stood out. The first, a reflection on Oxfam’s attempts to measure women’s empowerment, had some headline findings that ‘women participants in the project were more likely to have the opportunity and feel able to influence affairs in their community. In contrast, none of the reviews found clear evidence of women’s increased involvement in key aspects of household decision-making.’ So changing what goes on within the household is the toughest nut to crack? Sounds about right.

But (with apologies to Oxfam colleagues), I was even more interested in an article by Jane Carter and 9 (yes, nine) co-authors, looking at 3 Swiss-funded women’s empowerment projects (Nepal, Bangladesh and Kosovo). They explored the tensions between the kinds of MEL preferred by donors (broadly, generating lots of numbers) and alternative ways to measure what has been going on.


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