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At IFC-Gates Foundation Event, A Call to Deepen Private Sector’s Impact on Poverty

Donna Barne's picture

Available in: Español, عربي 

April 15, 2013--The private sector could play a key role in ending extreme poverty by 2030 by gathering high quality data and evidence of entrepreneurial impact in developing countries, speakers said at a conference organized by IFC and the Bill & Melinda Gates Foundation ahead of the World Bank-IMF Spring Meetings.

 

World Bank Group President Jim Yong Kim and IFC CEO Jin-Yong Cai of the Bank Group’s private sector  arm called the private sector an invaluable ally in a plan to reduce global extreme poverty to 3% by 2030, and foster income growth of the bottom 40% of the population in every country. Those targets will be proposed to the World Bank’s Board of Governors this weekend.

 

“There is no way that we’ll get there without a robust private sector that is creating the jobs that are critical to lifting people out of poverty,” said Dr. Kim at The Private Sector and Ending Poverty conference.

 

“The extent to which we commit to working with the private sector to foster growth will determine how ambitious we can be for the poorest people in the world.”

 

The event, attended by a cross-section of private sector companies, academics, think tanks, and foundations, was watched in Pakistan, Ghana, Albania, Venezuela and Colombia, among other countries, and followed on Twitter with #Results4Impact and #wblive.

A Chance to Make History: Achieving a World Free of Poverty

Jim Yong Kim's picture

In two weeks, economic policymakers from around the world will gather in Washington, D.C., for the World Bank-IMF Spring Meetings. As has been the case for the past five years, there will be much talk of economic crisis and of strategies to restore confidence, kick start growth, and create jobs. There is growing evidence that we are on the right track, but this agenda still requires much more work. 

The meetings, though, also offer an occasion to look beyond the short term crisis-fighting measures. It is a chance for leaders to adopt a long-term perspective and assess where we stand and where we are headed.

 

If they do, they will see that today we are at a moment of historic opportunity. For the end of absolute poverty, a dream which has enticed and driven humanity for centuries, is now within our grasp.

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.

Women’s Day in Turkey – a Working Day

Martin Raiser's picture

Having lived in many countries throughout the former Soviet Union over the last nine years, I am familiar with International Women’s Day as a holiday. In Turkey, however, Women’s Day remains a work day.

And quite appropriately so, it seems to me.

International Women's Day: A Serbian Perspective

By Mirjana Popovic and Vesna Kostic

Mar. 8: Working Women’s Day or Jobless Women’s Day in Serbia?

By Mirjana Popovic, Online Communications Producer

In the former Yugoslavia, where I was born, International Women’s Day used to celebrate respect and appreciation for women in society: mothers, wives, female colleagues – in this order.

What is it like in today’s Serbia? The glory of the holiday has faded and new challenges have arisen.

Longreads: Rise of Middle Class Jobs, ‘Real’ Birth of the Solar Industry, Ecosystem Modeling, Stranded on the Roof of the World

Donna Barne's picture

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

 

LongreadsMiddle class gained on Twitter, with many people taking note of Thomas Friedman’s The Virtual Middle Class Rises. Friedman’s op-ed is about how cheaper computing is enabling people who earn only a few dollars a day to access the “kind of technologies and learning previously associated solely with the middle class.” Such access is driving social change and social protest, he says. It’s a trend also observed by sociologist and author Saskia Sassen in an interview with The Hindu, Why the Middle Class is Revolting, though Sassen’s vision is more pessimistic. Another trend—a  sharp, decade-long rise in “middle class” jobs in developing countries—is enlarging the middle class in the developing world and promises ultimately to drive global growth, says the International Labour Organization in a new study.  ILO says nearly 1.1 billion workers (42%) earn between $4 and $13 a day, which is middle class wages in the developing world.  The number of middle class workers in developing countries is expected to grow by 390 million to reach 51.9% by 2017.  The report notes, however, that “progress in poverty reduction has slowed” and the number of “near poor” is growing. Also check out the Guardian’s datablog on the report.

Workers by economic class, 1991-2011, developing world
Source: International Labour Organization

India’s Informal Workers Form a ‘People’s Economy’

Renana Jhabvala's picture

Read this post in Español, Français, 中文

In recent years, we’ve seen sweeping change across the world’s economies; formal systems have broken down and become informal. My home region of South Asia is no exception: more than 90 percent of the workforce is made up of informal workers—street vendors, home-based workers, construction workers and smallholder farmers, many of whom aren’t certain of their incomes from week to week.

Longreads: Women and Political Power, Developing Countries Turn to Each Other for Conservation, Skills Are the Test of Progress

Donna Barne's picture

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

The new Global Gender Gap Report by the World Economic Forum inspired tweets and stories all over the world, including this one in Bloomberg Businessweek highlighting the finding that women represent only 20% of elected officials.  Also check out the gender inequality data visualization in Slate.  Biodiversity and ecosystems popped up on Twitter during the UN biodiversity meeting in Hyderabad, India, in October. While developed countries doubled pledges for conservation, India also made headlines when it announced a $50 million grant to help developing countries preserve biodiversity. The move, along with other examples of recent conservation efforts by emerging countries, hints of a future in which larger developing economies “play a more active role in saving the environment – not just at home, but also abroad,” reports the New York Times blog, India Ink.  With global youth unemployment at critical levels, a new Education for All Global Monitoring Report finds that 20% of young people in developing countries don’t have enough education or skills for work.  Kwame Akyeampong, an Education for All senior policy analyst, looks at the situation for themost vulnerable and disadvantaged youth in his native Ghana in an Al Jazeera opinion piece.  Once available only to paid subscribers, academic research papers are now increasingly accessible through open access publishing, according to a story in The Guardian. “The exponential rise in open access publishing shows no sign of slowing down,” writes Stephen Curry, a professor of structural biology at Imperial College. 

Russia: a Study in Numbers

Kaspar Richter's picture

Is Russia’s economy just about to shift a gear downwards?

In the decade before the global financial crisis, Russia’s growth averaged 7 percent, thanks to rising oil prices, rapid credit expansion and policy reform. Then, after the economy took a nosedive in 2009, Russia rebounded to growth above 4 percent even though the global economy was sluggish and the euro area soon went back into a recession.

But now, as we begin the final three months of 2012, Russia’s economy is settling onto a lower growth trajectory. In our new Russian Economic Report, we project that Russia will grow only 3.5 percent this year. Excluding the crisis years of 1998 and 2009, this would be the lowest rate in a decade and a half.

Views From Brazil, Ecuador and India: What Will It Take to End Poverty?

Mehreen Arshad Sheikh's picture

Our World Bank community has been out in the field with video cameras asking families, farmers, workers and parents from all corners of the globe: What will it take… to improve your life?.. to get a better job? … to end poverty?

As part of our global conversation on social media and multimedia, we have received video from countries like Brazil, Ecuador, Tanzania, Laos and India. People are sharing their ideas, their hopes and their solutions for creating a better life for all.

Here are three views on #whatwillittake:

In Brazil, Maria José dos Santos tells us that providing more schools and childcare would allow mothers to get fulltime jobs. “It would be great if everybody had more access to child care and all day schools. That would enable mothers to work in peace.”

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