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Europe and Central Asia

Rising Financial Pressures from the East

Aurora Ferrari's picture
It’s hard to get a break in the Europe and Central Asia region, it seems – even a short one. Hit hard by the troubles in the Eurozone at the beginning of the decade, emerging and developing countries in Eastern Europe are, at the beginning of this year, contending with renewed fears. Meanwhile, external pressures have built up on the Central Asia side as well.

All eyes turned to Russia recently, when on 16 December the ruble plunged by more than 11 percent, despite the Central Bank of Russia’s last-minute interest rate hike of 6.5 percentage points to 17 percent. When it looked like Russia’s turmoil might spread to global markets, western economies sat up and paid close attention.

What may have gone unnoticed, however, is the ongoing impact on our client countries in the Europe and Central Asia region.

What Does It Take For Turkey To Close The Regional Gap?

Can Selçuki's picture
Also available in: Türkçe
When our friends who are new to Turkey arrive in Istanbul, they are often surprised to find a developed country. Then they may be told that the west of the country is well developed, but there are regions in the east that are really lagging behind. However, upon a visit to Gaziantep or Kayseri, they realize that these cities are doing much better than they initially thought with developing industry and rapid urbanization.

So what  is the story about regional inequalities in Turkey?


Can Selçuki's picture
Also available in: English
Türkiye’yi daha önce tanımayan dostlarımız İstanbul’a geldiklerinde gelişmiş bir ülke ile karşılaşınca şaşırıyorlar. Bu durumda ilk aldıkları açıklama ülkede ikili bir ekonominin olduğu ve tipik olarak ülkenin batısının gelişmiş olduğu, ama doğuda gerçekten geri kalmış bölgelerin bulunduğu oluyor. Ancak, Gaziantep veya Kayseri gibi bir şehri ziyaret ettiklerinde, bu şehirlerin gelişmekte olan sanayileri ve hızlı şehirleşmeleri ile aslında düşündüklerinden çok daha iyi bir durumda olduklarını fark ediyorlar.

Peki, bunun ardında yatan hikaye nedir?

Managing EU Funds – What We Can Learn from Slovenia

Maya V. Gusarova's picture
Effective management of European Union (EU) funds is not only high on the agenda of the new EU member states but also of the Western Balkan countries that are progressing in the EU integration process. As such, these countries face several important challenges and questions today.

On becoming an EU member, how much will the budget calendar and its preparation need to change? How best to plan and execute projects which are pre-financed? How to record unspent EU funds in the next fiscal year? To what extent should the Ministry of Finance be involved in the process before the signing of financial agreements with the EU? These and other questions arise in relation to the impact on a country’s fiscal position, co-financing obligations, pre-financings and bridging resources, and payment of errors.

Poland’s Junk Contracts - Or A Tale of Labor Market Duality

Roberta V. Gatti's picture
Warsaw, PolandThe journalist who came up with the name junk contracts for the Civil Law Contracts (CLCs) that now regulate the employment of anywhere between 1 and 1.4 million workers in Poland must have known a thing or two about capturing national sentiment. In a country which skillfully skirted the great recession and continues to display stable growth, the gap between employment conditions of those who work under CLCs and the rest of the labor force is a lightning rod for debate.

Why Skills Matter in the Kyrgyz Republic

Mohamed Ihsan Ajwad's picture
During my visits to the Kyrgyz Republic I am always surprised to talk with people who fondly reminisce about the economy during Soviet times.  Taxi drivers nostalgically describe traffic coming to a stop as factories changed shifts.  I guess I should be less surprised, given that, prior to 1991, the Kyrgyz Republic produced almost exclusively for the Soviet Union.

With the fall of the Soviet Union, much of Russia’s demand disappeared and many firms in the country closed during the 1990s. Although the industrial sector has begun a revival over the last few years - with garment shops and private enterprises expanding - the service sector now dominates in the country - accounting for approximately 54% of GDP and 64% of jobs.

Following two rounds of low PISA test results, the government became concerned about skills more broadly and how those skills might affect employment outcomes.

But, little was known about skills in the country!

Trade in Fishing Services—Good or Bad? Separating Myth from Fact

Tim Bostock's picture
Small-scale fishers in West Africa. Courtesy MRAG, Ltd.A colleague recently quizzed me on the extent to which our latest report—Trade in Fishing Services: Emerging Perspectives on Foreign Access Agreements—specifically addresses the World Bank’s goals of reducing poverty and sharing prosperity in developing countries. My brief answer was “comprehensively!”. Helping the poor and protecting the environment may not be the first things that pop into your mind when you think about foreign fishing access arrangements. However, when considered as international trade in fishing services, these arrangements do have the potential to deliver real benefits to the poorest people in developing countries. How? Well, let’s immediately dive deeper into the report…
Foreign access rarely receives good press. Although over half of the world’s exclusive economic zones are subject to some form of foreign fishing arrangement, there is a perception that industrialized nations are "giving with one hand while taking away with the other." Criticism abounds regarding the role that foreign fleets play in overexploiting coastal state fish stocks, in engaging in illegal and unreported activity, in contributing to conflicts with small-scale fisheries and in generally undermining domestic fishing interests in vulnerable developing economies.

Creating and Sustaining an Essential Partnership for Food Safety

Juergen Voegele's picture
Also available in: العربية | Français | Español | 中文
Photo by John Hogg / World BankThis week, the Global Food Safety Partnership will hold its third annual meeting in Cape Town, just ahead of the holiday season when food safety issues are not on everyone’s minds. They should be. Unsafe food exacts a heavy toll on people and whole economies, and is cited as a leading cause of more than 200 illnesses. However, safe food does not need to be a luxury—which is something that motivates and animates our work at the World Bank Group. Food availability alone does not guarantee food safety. Increasingly, we are learning how food safety affects people, and disproportionately impacts the lives and livelihoods of poor people.This growing awareness about food safety is partly because of the food scares that have shaken many countries in recent years. Food safety incidents occur anywhere in the world—both in industrialized and developing countries alike and in countries large and small...

On the Road from Yerevan to Tbilisi

David M. Gould's picture
Also available in: Русский
On the road from Yerevan to Tbilisi
On the road from Yerevan to Tbilisi
I recently spent three days in Yerevan on a mission to learn a bit more about Armenia’s overall development challenges for a World Bank study on “Connectivity”, before heading off to Tbilisi, Georgia and Baku, Azerbaijan to do the same.

It was my first time visiting Armenia, so it was a fascinating trip and I learned a tremendous amount about the country and its people.

Of course, in three days one can only get a small sample of the major issues that challenge development, rather than a rich flavor for the deep subtleties that represent the people or factors that drive the economy. But, given my basic knowledge of the country, the new information I gained was a tremendous leap forward.