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Message for Latin America: Protect social gains and jobs amid slowdown

Donna Barne's picture
Also available in: 中文 | Français | Español

The economic slowdown in Latin America and the Caribbean is putting pressure on workers and wages and forcing some people out of the labor force, according to a new report released during a live-streamed event of the same name, “Jobs, Wages, and the Latin American Slowdown,” in the lead-up to the World Bank Group-IMF Annual Meetings in Peru.

“A lot of women joined the labor force in the good times. Now, in the slowdown, people are exiting the labor force — men and youth with little education. This is good news if they’re going to university, but bad if they’re going to live with their parents and be idle,” said Augusto de la Torre, the World Bank’s chief economist for Latin America and the Caribbean.

Moreover, the “exit of youth from the labor force will affect poor families more than wealthier ones – inequality could become greater,” said de la Torre.

Who sets the rules of the game in Asia?

Sri Mulyani Indrawati's picture
© Nonie Reyes/World Bank

It is now a commonplace to refer to the 21st century as the Asian Century. With the world economy struggling to recover from the global financial crisis, the Asia Pacific region, and especially its developing countries, has provided much of the impetus for global growth. In 2015, developing countries in the East Asia Pacific region are likely to account for over one-third of global growth — twice as much as the rest of the developing world. China in particular is now an economic powerhouse. By some measures China is now the world’s largest economy as well as the biggest global manufacturer and exporter.

With this economic success has come increased scrutiny of the region. The rest of the world now wants to know: who sets the rules of the game in Asia?

Economists weigh in on oil prices and an uneven global recovery

Donna Barne's picture
Also available in: Español | Français | العربية | 中文
World Bank chief economists, clockwise from upper left: Senior Vice President and Chief Economist Kaushik Basu, Augusto de la Torre (Latin America and the Caribbean), Shanta Devarajan (Middle East and North Africa), Francisco Ferreira (Sub-Saharan Africa), Sudhir Shetty (East Asia and Pacific), Hans Timmer (Europe and Central Asia), Martin Rama (South Asia).

​Lower oil prices are a boon for oil importers around the world. But how well are oil-producing countries adapting to the apparent end of a decades-long “commodity supercycle” and lower revenues? And what does this mean for the global economy?

World Bank economists provided insights on the situation in six developing regions at a webcast event April 15 ahead of the World Bank Group-IMF Spring Meetings. The discussion focused on the challenge of creating sustainable global growth in an environment of slowing growth.

World Bank Chief Economist Kaushik Basu said the global economy is growing at 2.9% and is “in a state of calm, but a slightly threatening kind of calm. … Just beneath the surface, there’s a lot happening, and that leads to some disquiet, concern – and the possibilities of a major turnaround and improvement.”

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.

#BestOf2014: Six Popular Environmental Stories You Shouldn’t Miss

Andy Shuai Liu's picture
As we get ready to kick off the new year, let’s recount the voices and stories about how we can enhance the way we interact with our planet. From Ethiopia to Indonesia, we’ve seen our efforts improve lives and help incomes grow as countries and communities strive for greener landscapes, healthier oceans and cleaner air.
Take a look back at some of the most popular stories you may have missed in 2014:
1. Raising More Fish to Meet Rising DemandPhoto by Nathan Jones via Flickr CC BY-NC 2.0

Aquaculture is on the rise to help feed a growing population. New #Fish2030 report:

— World Bank (@WorldBank) February 6, 2014

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.

2014 Annual Meetings Guide to Webcast Events

Donna Barne's picture

How can economic growth benefit more people? What will it take to double the share of renewables in the global energy mix? Will the world have enough food for everyone by 2050? You can hear what experts have to say on these topics and others, ask questions, and weigh in at more than 20 webcast events from Oct. 7 to 11. That's when thousands of development leaders gather in Washington for the World Bank-International Monetary Fund Annual Meetings. Several events will be live-blogged or live-tweeted in multiple languages. You can also follow the conversation on Twitter with #wblive and other hashtags connected to events. We’ve compiled a sampling of events and hashtags below.  Check out the full schedule or download the Annual Meetings app for Apple devices and Android smartphones.

What Policies Will Allow Russia Achieve Environmentally Sustainable Growth?

Adriana Jordanova Damianova's picture

The Russian Federation’s accession to the World Trade Organization (WTO) is an event of exceptional importance.  On many levels, there are concerns that the environment in Russia will  be negatively affected by trade liberalization.   A growing body of research looking at economic and physical linkages between trade, environment and development shows that  these linkages are often complex and interdependent. 
Scientists have implicated that from an economic perspective, trade liberalization and environment are related because most economic output is  based on input from the environment, including the energy for processing them, and waste released to environment.  However, the effect of trade liberalization  on the environment would vary depending on  sector, country policies, markets, technologies and management systems. Changes in environmental quality as a result of potential expansion of “dirty industries” (e.g., ferrous and non- ferrous metals, chemicals) could be mitigated by effective and transparent enforcement mechanisms.  Russia’s economic gains from trade liberalization are estimated at  about $49 billion annually.  For these gains to be environmentally sustainable, it will be crucial to implement complementary “do-no-harm” policies tailored to address environmental concerns. This  will be pivotal in  sustaining the sources of gains from WTO accession in the long run.
So how does trade liberalization affect environmental quality?

What Should Illegal Logging and Illegal Fishing Have in Common?

Julian Lee's picture
Also available in: Español | Français
Fishing off the coast of Namibia. John Hogg/World BankThe value of the fishing and aquaculture industries exceeds US$190 billion annually and an estimated 240 million people depend on marine fisheries for their jobs. There’s no doubt that oceans generate big business. And where there’s profit to be made, there are sure to be people who don’t play by the rules. As a result, an estimated 18 percent of global fishing happens illegally.

Why should this matter to people who care about development? Illegal fishing can undermine the livelihoods of poor people who depend on the ocean to make a living. The evasion of tax and royalty regimes can deprive developing countries up to hundreds of millions of dollars a year in much-needed revenues. In some regions, the rate of illegal fishing is high enough to endanger the sustainable management of a resource already stressed by overfishing.

Women and Trade in Africa: Putting a Face to the Research

Maura K. Leary's picture
Also available in: Français

This past May, I traveled to Kenya, Uganda, and Tanzania to produce “Mind the Gap: Gender Equality and Trade in Africa” with a Nairobi-based film crew. As I headed off on my first official trip, I read and re-read the chapters that this film was designed to complement — all part of a fantastic new book, “Women and Trade in Africa: Realizing the Potential.”  I felt very comfortable with the facts and figures — tourism in Kenya accounts for 12.5 percent of GDP; cotton is the third largest export in Uganda; small business owners are a huge part of Tanzania’s export economy, etc. — but did not fully understand the situation we were trying to explore until I met Mary.