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Finance

The High-Risk, Low-Risk Scenarios for Russia’s Economic Future

Birgit Hansl's picture
Also available in: Русский

I discussed our most recent Russia growth outlook at a roundtable at the Higher School of Economics Conference on Apr. 2 with a number of Russian and international experts. This conference is one of the most important and prestigious economic conferences in Russia, and traditionally, the World Bank co-sponsors it as part of its outreach to other stakeholders.

 

The room was packed...

We’re Seeking 18 Dynamic Leaders to Help Us Meet Our Goals

Keith Hansen's picture

The World Bank Group is searching internally and globally for 18 experienced and driven professionals to help achieve two ambitious goals: reducing the number of people living on less than $1.25 a day to 3% by 2030 and promoting shared prosperity by fostering the income growth of the bottom 40%. These leaders will be crucial to our plan to improve the way we work, so we can deploy the best skills and expertise to our clients everywhere, to help tackle the most difficult development challenges around the world.   

Last month, the Bank Group’s member countries endorsed our new strategy which for the first time leverages the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver development solutions backed by finance, world class knowledge and convening services.

Instrumental to the success of our strategy is the establishment of Global Practices and Cross-Cutting Solution Areas, which will bring all technical staff together, making it possible for us to expand our knowledge and better connect global and local expertise for transformational impact. Our ultimate goal is to deploy the best skills and expertise to our clients at the right time, and become the leading partner for complex development solutions.

We are accepting applications for the Global Practice senior directors who will lead these pools of specialists in the following areas: Agriculture; Education; Energy and Extractives; Environment and Natural Resources; Finance and Markets; Governance; Health, Nutrition, and Population; Macroeconomics and Fiscal Management; Poverty; Social Protection and Labor; Trade and Competitiveness; Transport and Information Technology; Urban, Rural, and Social Development; and Water.

Thriving Cities Will Drive Eurasia's Growth

Souleymane Coulibaly's picture

Cities have always been the driving forces of world civilizations. What Niniveh was to the Assyrian civilization, Babylon was to the Babylonian civilization.  When Peter the Great, third in the Romanov Dynasty, became Russia’s ruler in 1696, Moscow’s influence began to expand. Peter strengthened the rule of the tsar and westernized Russia, at the same time, making it a European powerhouse and greatly expanding its borders. By 1918, the Russian empire spanned a vast territory from Western Europe to China.

As Peter the Great and his successors strove to consolidate their reign over this empire, major social, economic, cultural, and political changes were happening in the urban centers. Moscow led these changes, followed by St. Petersburg, which was built as a gateway to filter and channel western civilization through the empire. By fostering diversification through connectivity, specialization, and scale economies, these cities started the structural transformation of the Russian empire away from depending on commodities and limited markets in a way that more effectively served local demand.

The Soviet era altered this dynamic.

Longreads: Can Graphene Drive the Green Economy?, Women and Mobile Financial Services, With River Blindness ‘You Never Sleep’

Donna Barne's picture

Find a good longread on development? Tweet it to @worldbank with the hashtag #longreads.

 

LongreadsA video about a “scientific accident that may change the world (or at least your battery life)” went “viral” in February.  Researchers at University of California, Los Angeles, found a way to make a “non-toxic, highly efficient energy storage medium out of pure carbon using absurdly simple technology,” says ReWire. The “graphene” battery is being touted as capable of “super-fast charging of everything from smartphones to electric cars,” according to ReWire. Responding to Climate Change (RTCC) asks whether the technology holds promise as a way to reduce greenhouse gas emissions. “Replacing heavier materials in vehicle manufacture with graphene, particularly in aircraft can lead to substantial fuel savings,” says RTCC.  Gizmodo anticipates how graphene could transform the gadgets of the future.

Russia's Economy - a Reality Check

Kaspar Richter's picture

Every six months, my colleagues and I get together with other members of the Russian economic report (RER) team, to figure out where the Russian economy is heading.

To do this, we rely heavily on macroeconomic data from the national statistical office, the Ministry of Finance, the Central Bank and other sources. While this sounds straightforward enough (given it’s what economists around the world do when they compile their latest economic assessments) – it’s a rather indirect way to assess the issue.

Closing the Gap for Women in Business

Caroline Anstey's picture
Also available in: العربية

Read this post in Español, Français, 中文

 

woman in businessA woman works in a small shop in Ghana.
Photo by Arne Hoel

What will it take for the world to wake up and realize the advantages of supporting women entrepreneurs in the developing world?

If that sounds like an odd question to be asking in the 21st century, just consider some facts. We know that globally women make up almost half the world’s workforce. And we know that in developing economies, 30-40% of entrepreneurs running small or medium sized businesses are women.

But here’s something you may not know – at least 9 out of 10 women-owned businesses have no access to loans. So, just imagine the frustration of a woman in a developing country, who has started a small business, is attracting a good clientele, has a business plan to grow her business, but can’t get a loan to expand. That's not an isolated story. It’s a frustration shared by many women in the developing world. And the frustration of those women sounds echoingly similar to the frustration still lingering in the voices of older women from rich countries, telling how some three decades ago they were refused bank home loans, despite having a guaranteed income.

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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.