Syndicate content

Blogs

Global crisis hits home in emerging Europe and Central Asia

Angie Gentile's picture

Young Roma man in Biala Slatina, Bulgaria. Photo: Scott Wallace / World Bank The global economic crisis has reversed the impressive economic growth of recent years in emerging Europe and Central Asia, hitting families hard with higher unemployment and lost wages.

Growth has plummeted from a fast clip of 7.6 percent in 2007 to 4.7 percent in 2008, and is projected at negative 5.6 percent in 2009, the World Bank said at an Annual Meetings press briefing yesterday.

“The global financial and economic crisis has literally hit home in many parts of Emerging Europe and Central Asia,” said Philippe Le Houérou, World Bank Vice-President for Europe and Central Asia.

“What started as a financial crisis has become a social and human crisis. Just as banks were under stress, families are now the ones under severe stress as they see breadwinners lose their jobs and have trouble paying their bills.”

 

 

InterAction's Sam Worthington chats about the World Bank and civil society

Sameer Vasta's picture

This morning I had the chance to chat with Sam Worthington, the President and CEO of InterAction, who is attending the Civil Society Forum here in Istanbul. Sam took some time between the sessions of the CSO Forum to tell me a little about InterAction, the work that they are doing with the World Bank, and what he hopes to come out of the Annual Meetings in Turkey this year.

You can watch the entire 5-minute chat below:

 

 

CSO forum kicks off

Angie Gentile's picture

October 2 2009. World Bank Annual Meetings. World Bank Presiden Robert B. Zoellick and IMF Managing Director Dominque Strauss-Kahn meet with CSO/NGO representatives. Archbishop Noungane of South Africa moderates. Photo credit: Simone D. McCourtie/World BankRepresentatives from civil society organizations around the world converged at the Istanbul Conference Center yesterday for a special Townhall meeting with World Bank President Robert Zoellick and IMF Managing Director Dominique Strauss-Kahn.

Just guestimating here, but I’d say there were about 300 CSOs in the room.

At the head of the table was moderator Archbishop Winston Njongonkulu Ndungane, who set the tone by noting how times have changed, with the World Bank and IMF engaging much more closely with CSOs these days.

The Archbishop posed three questions to inform the discussion: How can we work together to avoid another financial crisis? What can the Bank and Fund do to make sure the world doesn’t backslide? And how do shifts in power give those most affected by the crisis a chance to impact the response?

MENA: Economists finding some good news

Alison Schafer's picture

In Istanbul, World Bank economists taking a hard look at how the Middle East and North Africa (MENA) are weathering the financial crisis are finding some good news. The World Bank and the IMF are holding their annual meetings in Turkey, and a status update on the MENA region shows some resilience.

Shamshad Akhtar, the World Bank’s new vice president for the region, said at a press conference today that MENA’s economy grew by almost 6.2 percent in 2008. But Akhtar says the region has been shaken by what she calls the “Triple-F phenomena”—food, fuel and the financial crisis. She says the food crisis has hit the region hardest, in part because of a growing population and a heavy dependence on imported food. But, she says, despite slowing growth, down to 2.2 percent, the region is faring better than many others.

 

 

Akhtar told reporters: “The key message we retain from all this is: the MENA region has weathered the triple crisis well so far.” But there is an “immediate danger of rising unemployment and resurgence of poverty.”

What's on the agenda?

Nina Vucenik's picture

Augustin Carstens, Development Committee Chair, Finance Minister, MexicoThe Development Committee is scheduled to meet on Monday, October 5.

The committee is a forum of the World Bank and the International Monetary Fund that facilitates intergovernmental consensus-building on development issues. Its mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues and on the financial resources required to promote economic development in developing countries.

At their meeting, the Development Committee will review the Bank's financial capacity to provide assistance to countries coping with the economic crisis and beyond, and discuss the issue of "voice" (ensuring people from all parts of the world have a say in key issues that affect them).

Archbishop Ndungane: ‘We should be intentional about what CSOs are saying’

Angie Gentile's picture

Archbishop Winston Njongonkulu Ndungane, World Bank-IMF Annual Meetings, Istanbul. Photo credit: Simone D. McCourtie/World BankYesterday I caught up with the stately Archbishop Winston Njongonkulu Ndungane, who is attending the Civil Society Forum here in Istanbul. The Archbishop carved out some time to meet before heading off to head a CSO Townhall meeting featuring Bank President Zoellick and IMF Chief Strauss-Kahn.

Archbishop Ndungane is the founder and president of African Monitor, an independent pan-African nonprofit whose main objective is to monitor aid flows, what African governments do with the money, and what impact it has.

 African Monitor holds poverty hearings through which they seek to magnify voices. “We pride ourselves in having the confidence of people on the ground—the voice of people—and taking those voices to the corridors of power,” the Archbishop told me.

Archbishop Ndungane talked about linking up the creative and innovative minds of CSOs with the World Bank on today’s key issues—hunger, climate change, financial crisis. He emphasized the need to develop mechanisms for translating ideas into action.

Taking the temperature of the financial world

James Bond's picture

Global attention is mounting about this year's Annual Meetings of the Bank and the Fund in Turkey. From Egypt, where I am on MIGA business on my way to Turkey, the discussion is around whether the meetings will advance the G20 communiqué in terms of substance and specific implementation measures.

Traffic in Instanbul, Turkey. Photo: Simone D. McCourtie / World Bank I spent two days earlier in the week with global private equity investors. Their anxiety mostly revolves around how financial sector regulation will evolve over the coming months. They feel the cold wind of oversight, and the discussion revolves around two competing plans for financial regulation, one emanating from Brussels and the other from Washington. But everyone accepts that an overhaul of financial sector regulation is the unfinished business from last year's financial crisis, even though views differ on the extent and content of the changes needed. My own concerns are whether the world's piecemeal international governance system will enable a coherent global regulatory structure to emerge from the wreckage of last year's financial meltdown.

In Istanbul I'm looking forward to taking the temperature of the financial world. I hope and expect the meetings to be more subdued than in past years, because we have some serious business to do; and many players who were around at the Singapore meetings are no longer with us (Lehman, Bear Stearns, Merrill, AIG...).

It's a new world.

Zoellick: Protection for most vulnerable must be permanent part of financial architecture

Angie Gentile's picture

World Bank President Robert B. Zoellick. 2009 Annual Meetings, Istanbul, Turkey. Photo credit: Simone D. McCourtie/World BankBank President Robert Zoellick told an overflowing room of journalists this morning that these annual meetings come at an important time for the work of the Bank Group and its members.

“The G-20 summit last week provided clear markers for the work of the World Bank. But more than 160 countries were not at the G-20 table,” he said. “These meetings can therefore ensure that the voices of the poorest are heard and recognized. This is the G-186.”

Zoellick began his remarks by expressing his sympathy for the people of Indonesia, the Philippines, Samoa and Tonga and others in the region, who have been battered by a series of cataclysmic natural disasters.

The Bank’s President told reporters that developing countries are still suffering from the global economic crisis, and it is important for the G20 to scale up support. He said the meetings offer a platform to follow up on the proposal for a crisis facility for low-income countries—critical to ensuring that protection for the most vulnerable becomes a permanent part of the world’s financial architecture.

Public service announcements showcase Bank’s work

Nina Vucenik's picture

Our work spans many fields of development—with the ultimate goal of helping poor people lift themselves out of poverty, improve their lives and, in general, have a chance at a more productive and fulfilling life.

Some key areas of our work focus on helping children get a good start in life by making sure they're healthy and can go to school, creating jobs opportunities for youth and working-age adults, and on a broader level enabling a country's economic growth.

Here are several public services announcements we prepared for the meetings. They’re being shown around the Istanbul Conference Center and are airing in news outlets around the world, including TRT, CNN Turk, and CNBC Europe.

Deserving the Chance to Succeed

Latin American performed better than other regions in crisis

Augusto de la Torre's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

The Latin American region is exiting financial crisis on a strong footing.

Pages