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Prospects Daily: Australia and Uganda cut policy rate, Brazil’s industrial production accelerates

Global Macroeconomics Team's picture

Financial Markets… The euro rose to a six-week high against the dollar, appreciating to $1.3077, and Europe’s benchmark stock index (Stoxx Europe 600) gained for a second day, as growing optimism over a successful Greek buyback program boosted investor sentiment. Greece started the €10 billion ($13 billion) repurchase of government bonds maturing between 2023 and 2042 on Monday.

The East Asian Miracle 2.0

Otaviano Canuto's picture

imageAlmost 20 years ago, the World Bank released a groundbreaking report – The East Asian Miracle – that called worldwide attention to the economic success of eight economies in the region, leading to a discussion on the extent to which policies followed by them could be replicated.

Six Takeaways for South Asia from Korea's Green Cities Initiatives

Ming Zhang's picture

Cheong Gye Cheon Stream in Seoul, KoreaLast week a group of Bank staff joined our clients from the South Asia region for an Urbanization Knowledge Platform event on green cities. The event was held in Seoul and Daegu, respectively the largest and third-largest cities in Korea. It was hosted by the Korea Research Institute for Human Settlements (KRIHS), Korea’s premier institute responsible for urban, regional, infrastructure, land, and housing planning and research. The idea was for clients and Bank staff to learn firsthand about green city development as it happens on the ground in Korea. The following are my six takeaways from the workshops and field visits during the week.

Challenges in Alleviating Poverty through Urbanization

Yue Li's picture

A streetscape in Korea shows bustling urban growthOver the last quarter-century, the number of urban dwellers in South Asia has more than doubled to almost 500 million. In India alone, the number of city dwellers has grown by 122 million. Delhi, Karachi, Kolkata and Dhaka have all joined Mumbai in the league of mega-cities. And yet, urbanization in South Asia has barely begun. With about 30% of its population living in cities, South Asia is the least urbanized in the world. But in the 20 years to come, South Asia will urbanize faster than any other region of the world, with the exception of East Asia. This rapid urbanization can be a powerful engine in accelerating poverty alleviation. But most cities in the region are struggling to cope with even the current level of urbanization. Can South Asian cities support the growing urban economy and population and become centers of shared prosperity, or will they become centers of grief?

New Pledges Expand GAFSP's Food Security Work in World's Poorest Countries

Rachel Kyte's picture

When you want to put money, ideas, innovation, and hard work together to increase food security, there’s nowhere better than the Global Agriculture and Food Security Program – GAFSP.

Don’t just believe me. Listen to the Rwandan farmers whose now-terraced hillsides are getting higher yields, producing better nutrition, and improving their livelihoods.

Similar stories can be told in Tajikistan, Sierra Leone, Bangladesh, and elsewhere.

Japan and the Republic of Korea are among those convinced that GAFSP is a good investment in food security. Inspired by a challenge from the Unites States, Japan and South Korea just pledged an additional $60 million to GAFSP at a meeting in Tokyo held in conjunction with the World Bank and IMF Annual Meetings.

The United States announced that it was prepared to contribute an additional $1 to GAFSP for every $2 contributed by other donors, up to a total of $475 million.

Why is GAFSP so successful?

Prospects Daily: European stocks slipped on Friday with the benchmark index falling to a three-week low

Global Macroeconomics Team's picture

Financial Markets…European stocks slipped on Friday with the benchmark index falling to a three-week low as early optimism on Spain’s new austerity measures was short-lived.

Spanish 10-year bond yield rose back above 6% amid uncertainty over its troubled banks before stress test results, fading optimism on the country’s debt cutting plan, and a looming Moody’s rating review which may cost the country its investment grade rating. 

Inclusive Green Growth Is Smart Growth, as South Korea Is Proving

Rachel Kyte's picture

One of Asia’s fastest growing economies in the last 40 years, South Korea, has emerged as a manufacturing powerhouse that has virtually eliminated poverty.  Its resilient economy survived the 2008–2009 financial crises better than almost any other country, but it is far from complacent.  Korea spends a bigger percentage of GDP on research and development than Germany, the UK and the US.

Today, Korea is a global champion of green growth with a long-term plan for transitioning to green growth and a focus on exporting green tech, and it is moving away from energy imports and energy-intensive industries.  Korea’s journey is not complete, but its progress stands as an inspiration to developing countries wherever they are in theirs.

At the second Global Green Growth Summit, in Seoul on Thursday, President Lee Myung-bak reinforced Korea’s commitment to playing a leadership role on the global stage, restating Korea’s commitment to increasing official development assistance through to 2020 and announcing that 30 percent of that ODA will be green.

Launching our report in Seoul was an excellent opportunity to further strengthen our partnership with Korea and expand our inclusive green growth knowledge base.

When an exclamation point is warranted

Halsey Rogers's picture

At the High-Level Forum on aid effectiveness (known as HLF4) a few weeks ago in Busan, South Korea, I had the pleasure of participating in a panel on education and aid. Unlike the HLF4 plenaries, our session didn’t involve Hillary Clinton or Tony Blair or Ban Ki-Moon, nor did we help to hammer out the Busan outcome documents. But what we saw in our panel on aid for education, and in the one-day pre-conference that informed it, was very encouraging: it showed how Korea’s lessons about student learning are influencing international education policy. 

The event had been given the title “Dream with Education!” by our hosts in the Korean government. The exclamation point may seem over-exuberant, but in the Korean context, it’s not. Korea’s universal high-quality basic education and high rates of participation in higher education have helped it achieve development that would have exceeded any dreams fifty years ago, when rapid growth started. Between 1960 and 2001, Korea’s economy grew at an average of more than 7% per year. Equally important, Korea has achieved rapid progress in many other areas of life, from technological to social to political. While the country’s success has brought new challenges, as a recent Economist article pointed out, its ascent to this point has been remarkable.

e-Learning in Korea in 2011 and beyond

Michael Trucano's picture

seeking protection from all that cheap bandwidth!Each year the World Bank helps sponsor an annual global symposium on ICT use in education for senior policymakers and practitioners in Seoul, together with the Korean Ministry of Education, Science and Technology (MEST) and the Korea Education Research & Information Service (KERIS). This is one important component of a strong multi-year partnership between the World Bank education sector and the Republic of Korea exploring the use of ICTs in the education sector around the world. This year's event, which focused on Benchmarking International Experiences and was about half the size of 2010's Building national ICT/education agencies symposium, brought officials from 23 countries to Korea to explore how technology is being used in schools around the world (previous blog post: Eleven Countries to Watch -- and Learn From), with a special emphasis on learning about and from the Korean experience.

Specifically, there was much interest in learning more about two news items that appeared since last year's event: Korea's top place in an international digital reading assessment and the country's bold plan to move toward digital textbooks in all subjects at all levels by 2015.


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