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Financial Sector

Leaders of UN, World Bank, IMF Discussing Sustainable Development with Finance Ministers

Rachel Kyte's picture

This year, the World Bank’s spring meetings are offering a rare opportunity for the heads of the United Nations, the World Bank Group, and the IMF to jointly talk to finance ministers from around the world about the critical importance of inclusive green growth and careful stewardship of the Earth’s natural resources.

The venue is a breakfast meeting this morning with over 30 national finance ministers. The meeting will be private – and powerful. We’re hoping for an open and frank discussion among ministers on how to achieve concrete outcomes at the UN Conference on Sustainable Development, Rio+20, in June.

What will it take to confront global crises?

Vinod Thomas's picture

Three interlinked global crises—food, economic, climate—were high on the agenda of this year’s Bank-IMF Spring Meetings. At a conference organized by the Independent Evaluation Group and World Bank Institute, a panel of experts—Kristalina Georgieva, European Commissioner; Hans Herren, President, Millennium Institute; Trevor Manuel, Minister, National Planning Commission, South Africa; Ngozi Okonjo-Iweala, Managing Director, World Bank; Robert Watson, Chief Scientific Advisor, Government of UK— discussed not only the impact of each crisis, but crucially the links among them in seeking joint solutions.

Fighting Corruption: Making Development Work

Leonard McCarthy's picture

 


The World Bank has a clear vision:  A world free of poverty.  When integrity prevails, projects deliver and the poor benefit.  When they fail, development is set back and the poor suffer. That‘s why at the World Bank, we take the position that Rule of Law equals Development.  In the Bank’s pursuit of results, openness and accountability, we assert integrity in our operations, without reservation.  At the heart of our strategy is a commitment to remove the conditions that dent international security and make corruption flourish.

If money is the root of evil, are developed countries doing enough about the problem of bribes paid in the developing world?

It is a fact that many of the countries which suffer the most from corruption are the countries which have the fewest resources to combat the problem.  Poor countries may be faced with a dilemma of using resources to prosecute the corruption which degrades the quality and quantity of public goods that reach their citizens, or using resources to provide those basic goods, such as food aid and roads.

At the same time, larger bribes are not infrequently paid by outsiders, such as foreign corporations.  Casual observation shows that funds must be coming from outside some of the poorest countries.  In short, the bribe money is flowing from the developed world into the developing world.  

Can Africa trade with Africa?

Obiageli Ezekwesili's picture

Obiageli Ezekwesili chairs the seminar: Can Africa Trade with Africa? (Photo: Arne Hoel, The World Bank)

I chaired a very lively seminar on Friday afternoon that focused on the question, “Can Africa Trade with Africa?”  The answer was a resounding yes. 

Today, there is strong consensus among African leaders that regional integration is indispensable to unlock economies of scale and sharpen competitiveness. And promoting intra-African trade has emerged as a top priority, in recognition that the African market of one billion consumers can be a powerful engine for growth and employment.

Yet despite the introduction of free trade areas, customs unions, and common markets within the Region, the level of intra-African trade remains among the lowest in the world -- only about 10% of African trade is within the continent, compared to about 40% in North America and about 60% in Western Europe.

Still waiting for that new road to come your way?

Jan Walliser's picture

Anyone who has ever been to the Central African Republic (CAR) knows that the country has huge infrastructure needs after years of internal turmoil and strife. But when you look up how much of the government’s investment budget actually was implemented and financed infrastructure development in 2009 for instance, you find a stunningly low execution rate of 5 percent.

How Strong is LAC’s China Connection?

Carlos Molina's picture

Authors: Emily Sinnott & John Nash

 

For Latin American and the Caribbean (LAC), there has been a substantial shift from exporting commodities to advanced economies to trading instead with emerging economies. China, in particular, has become an important destination market, with its share of commodity exports having grown tenfold since 1990 (from 0.8 percent in 1990 to 10 percent of total commodity exports in 2008).

 

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In our report on “Natural Resources in Latin America and the Caribbean: Beyond Booms and Busts?” we argue that one advantage of these changing trade patterns has been the important role that China’s demand for commodities played in the region’s economic rebound from the global crisis. While we are not alone in this view (see the CEPAL report on the drivers of the LAC recovery launched on September 2, 2010), there has been some anxiety in LAC that the region is going down the path of increased dependence on exports of raw materials with little value-added, while at the same time increasing its reliance on manufacturing imports from China.

From Collapse to Recovery: Latin America and Caribbean rebound from crisis

Carlos Molina's picture

With the global economic crisis in the rearview mirror, Latin American economies are on a fast track to full recovery and will post a solid 4 percent growth for 2010.

This is no small feat, says the Bank’s chief regional economist Augusto de la Torre, in his new report on the region’s economic prospects ‘From Collapse to Recovery’ (pdf). The region’s rebound, he explains, is one of the world’s strongest, second only to Asia’s, which is the main engine pushing global economies towards a full-fledged recovery.

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.”

 

 

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