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Europe and Central Asia

Accelerated remittances growth to low- and middle-income countries in 2018

Dilip Ratha's picture
On the back of stronger growth in remittance-sending economies, remittance flows to low- and middle-income countries are expected to reach a new record of $528 billion in 2018, an increase of 10.8 percent from last year, according to the World Bank’s Migration and Development Brief released today.
 

How can the Czech Republic activate its business angels market?

Anwar Aridi's picture

everything possible/Shutterstock.com
Tech startups and business angels are not what comes to mind when thinking of the Czech Republic (CR). Instead, this small central European country is known for its beer, scenic bridges crossing the Vltava river, and existential writers. Not so easy to add “vibrant entrepreneurial hub” to the list as it celebrates the 100th anniversary of Czechoslovakia. Nevertheless, that's exactly what the CR policymakers intend to do. 

CR has what it takes to be an entrepreneurial hub for Central Europe

What will Croatia’s soccer players do next?

Maciej Drozd's picture
Photo: Drusany/Shutterstock
The 2018 World Cup brought fame to the Croatian team, with many fans around the world – including the author of this blog - rooting for the team in white-and-red checkerboard jerseys. For the players on the Croatian national team, the success they found on the field should also pay off financially, thanks to prize money, higher pay, and advertising revenues.
 
But the stories of the top-earning soccer stars living a glamorous life of wealth tend to make us forget that most athletes are not wealthy enough to retire when their careers end and find themselves facing the same challenges as everyone else looking to change professions.
 

I believe Belarus will benefit greatly from the Human Capital Index – Here’s why

Alex Kremer's picture


On 11 October 2018, the World Bank launched its Human Capital Index, which quantifies the contribution of health and education to the productivity of the next generation of workers. The Index is part of the Human Capital Project, a global effort to accelerate more and better investments in people. Belarus didn’t participate in the Index this year.

Back in 1440, King Henry VI of England founded a college for poor scholars, providing a free education for boys whose families couldn’t afford to pay. At that time, the young students learned to read and write so that they could later work as administrators in the royal court.

A few centuries later, in 1977, I became one of “King Henry’s scholars”. I’m not working for a king, of course, but I recognize how lucky I am to have benefited from Henry’s medieval investment in human capital. One could perhaps call him a “very early adopter”.

These days, investing in people makes more economic sense than ever. Human capital – the knowledge, skills, and health that people accumulate throughout their lives – accounts for up to 68% of a country’s overall wealth, on average. In the case of Belarus, where I now live, the share of human capital in the country’s total wealth is somewhat lower, at 49.2%.

After three decades of transformation in Georgia – what’s next for the jobs market?

Florentin Kerschbaumer's picture
Georgia Job Market
Celebrating his 60th birthday recently, my father chatted with me about his career and getting his first job. He graduated as an engineer in the 1970s in Austria and faced very different employment opportunities to those I faced some decades later. There were five construction firms, all just around the corner from his home, to which he could apply for a job at that time.

When I finished graduate school in 2016, I applied for work with organizations in five different countries around the world. Suffice to say, the labor market in which my generation is competing is vastly different and far more globalized than the one my dad faced.

Sometimes overlooked, but essential - like good plumbing: Why accounting matters for development

Ed Olowo-Okere's picture



A few weeks ago, The Economist published an article on economic governance that discussed the importance of public sector accounting. It recognized the importance of maintaining existing public-sector assets and investment in new ones. These assets, according to an IMF study, account for a significant portion of GDP. But, the article asserts, filling potholes and repairing bridges are not as politically appealing as flashy new infrastructure, and few economies engage in robust public-sector accounting that demonstrates the net worth of these assets.

Maybe if governments and citizens understood the value of their public assets, they’d be inclined to invest in their maintenance – avoiding waste and even catastrophic accidents when poor infrastructure fails?

Improving public procurement in Georgia – what’s the magic recipe?

Sandro Nozadze's picture
Procurement Georgia

What exactly is procurement, you may ask? If you google the word, you’ll likely find several different definitions.
 
Essentially, procurement is about buying things. That sounds quite simple, of course, but it becomes much more complicated at the level of government buying, especially when complex risks and variables must also be considered. So, is there a way to simplify government procurement?

How Islamic finance can boost infrastructure development

Joaquim Levy's picture
Queen Alia International Airport, Jordan. © littlesam/Shutterstock
Queen Alia International Airport, Jordan. © littlesam/Shutterstock

In many developing countries, there are glaring gaps in the quantity of infrastructure per capita. For example, power generation capacity per person in these countries is only one-fifth that of advanced economies. We know that expanding infrastructure investment in economic and social services is an effective way both to promote inclusive growth and to foster local resilience to global shocks. In particular, investment in quality, sustainable infrastructure helps finance the transition towards a low-carbon, more environmentally friendly economic model. This happens notably in the renewable energy and low-emission transport sectors. Given the scale of resources needed to address the infrastructure investment gap, mobilizing the private sector for this goal has become imperative, especially in countries where financial transactions in banking and capital markets follow Islamic law (or shari’ah) principles.
 
The conventions of Islamic finance are particularly suitable for infrastructure development. They define an asset-oriented system of ethical financial intermediation built on the principles of risk-sharing in lawful activities (halal) rather than rent-seeking gains. This “entrepreneurial” approach by investors requires a high degree of transparency and creates incentives to monitor projects more carefully, which, in turn, strengthen the efficiency in building and operating infrastructure.

Resilient schools, resilient communities: Improving education infrastructure for Syrian refugees and host communities in Turkey

Ede Ijjasz-Vasquez's picture
 


Across the globe, more than 20 million children from conflict-affected countries are out of school. Missing out on schooling opportunities severely compromises the future of displaced individuals, who have left everything behind to escape conflict and violence.

Take Syrian refugees in Turkey, the country that hosts more individuals fleeing from armed conflict than any other in the world. Turkey has welcomed nearly 3.6 million of the 5.7 million externally displaced individuals as a result of the protracted crisis in Syria. Almost one-third of these people are of school age.


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