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Global Economy

Amp up your 2018 Spring Meetings experience

Bassam Sebti's picture


Our 2018 Spring Meetings is just around the corner and it’s time to get organized. Mainstage speakers include representatives from top-notch institutions such as LinkedIn, Oxford University, Financial Times, Brookings Institution — in addition to influencers Bill Gates and Jeff Weiner.

Connect, engage and watch to take full advantage of everything the #WBGMeetings has to offer. 

Sustainable Mobility for All: Bringing the vision to life

Nancy Vandycke's picture
Photo: Imedagoze/Flickr

Making sustainable transport a reality requires a coordinated strategy that reflects the contributions and various interests of stakeholders around the world.
 
The Sustainable Mobility for All partnership has a critical part to play in kickstarting this process. The initiative is working to raise the profile of sustainable mobility in the global development agenda and unite the international community around a vision of transport that is equitable, efficient, safe, and green.
 
The issue of mobility and sustainability resonates well with countries’ concerns. The recent UN Resolution focusing on the role of transport and transit corridors in sustainable development demonstrates the continuing importance attached to the issue of transport and mobility by national governments around the world.

Economic and Social Empowerment is Believing in People’s Potential When No One Else Would!

Laila Tawfik Anaam's picture

Leaving university with a business degree back in 2010, my dream was to wow the business world with my enthusiasm and be the number one businesswoman in Yemen. Little did I know, within a year of working in the business sector, that my passion is not to make rich people richer nor to gain the title "number one businesswoman". My REAL passion in life is to be an influencer and a person who makes real positive impact in people's lives. Realizing that, I started to become a dedicated and aggressively motivated person who fights for economic and social empowerment in Yemen. Right there, I shifted my career focus and objectives from making an empire of my own to making it possible for people with potential, but fewer opportunities in life, to build their idea of an empire. 

How one province in Pakistan is looking to digital jobs for its youth

Anna O'Donnell's picture
Hamza Khan, a Trainee Website Developer
Hamza Khan is a trainee website developer that has benefitted from KP'sYouth Employment Program

Pakistan’s Khyber Pakhtunkhwa province, or KP, has not always been recognized as a digital economy. Sharing a border with Afghanistan, the province experienced a period of instability and militancy over several decades that saw outmigration and the decline of private industries. Since then, the province has shown rapid economic growth, advancements in security, improvements in basic health and education, and a renewed sense of optimism.

Today, around half of the province’s population of 30.5 million is under the age of 30, necessitating rapid growth and job creation. In 2014, the Government of Khyber Pakhtunkhwa partnered with the World Bank to develop a strategy for job creation centered on leveraging the digital economy to address youth unemployment.
 

Digital KP
Digital KP”, that outlines a program on digital development that promotes youth inclusion and job creation.

Fast forward to 2018, and the province of Khyber Pakhtunkhwa has launched a comprehensive digital strategy, called “Digital KP”, that outlines a program on digital development, with a core objective to promote youth inclusion in the digital economy. Within this broader digital strategy is a strong focus on promoting job creation for youth.

Addressing youth employment through the digital economy has three key building blocks:

Millennials Welcome! Young women are revolutionizing the startup scene despite conflicts in MENA

Tobias Lechtenfeld's picture


Our team at the MENA Youth Platform recently had a conversation about women-and youth-led entrepreneurship in the MENA region, and for which emerging trends to look for. One thing is very clear: the next revolution could look very different.

India's growth story

Poonam Gupta's picture

The World Bank is releasing its biannual flagship publication, the India Development Update. It takes stock of the Indian economy and assesses what it will take India to move to a higher growth trajectory.

The Update describes the state of the Indian economy, shares its perspective on the Indian growth experience and trajectory over the past two and a half decades, and analyses the near-term outlook for growth, the global economic outlook and its impact on the Indian economy.



The Update, to be formally launched on March 14, features a historic analysis of India’s economic performance in order to assess what it will take India to return to growth rates of 8 percent and higher on a sustained basis.

Bank ownership: Trends and implications

Bob Cull's picture

In the wake of the Global Financial Crisis (GFC), many wondered whether the strong pre-crisis trend toward greater internationalization in banking would be reversed and, more immediately, whether local state-owned banks had to assume a larger role in restoring banking stability and ensuring the delivery of credit. We revisit those conjectures in the light of new data on bank ownership and research on the post-Crisis period (Cull, Martinez Peria, and Verrier, 2018).

Sri Lanka at 70: Looking back and forward

Idah Z. Pswarayi-Riddihough's picture
A view from the Independence day parade.At 70, Sri Lanka has accomplished a lot in its seven decades as an independent nation.
A view from the 2018 Independence Day parade. At 70, Sri Lanka has accomplished a lot in its seven decades as an independent nation. Credit: World Bank

Like many Sri Lankans across the country, I joined Sri Lanka’s 70th Independence Day festivities earlier this month. This was undoubtedly a joyful moment, and proof of the country’s dynamism and stability. At 70, Sri Lanka has accomplished a lot in its seven decades as an independent nation.
 
The country’s social indicators, a measure of the well-being of individuals and communities, rank among the highest in South Asia and compare favorably with those in middle-income countries. In the last half-century, better healthcare for mothers and their children has reduced maternal and infant mortality to very low levels.
 
Sri Lanka’s achievements in education have also been impressive. Close to 95 percent of children now complete primary school with an equal proportion of girls and boys enrolled in primary education and a slightly higher number of girls than boys in secondary education.
 
The World Bank has been supporting Sri Lanka’s development for more than six decades. In 1954, our first project, Aberdeen-Laxapana Power Project, which financed the construction of a dam, a power station, and transmissions lines, was instrumental in helping the young nation meet its growing energy demands, boost its trade and develop light industries in Colombo, and provide much-needed power to tea factories and rubber plantations. In post-colonial Sri Lanka, this extensive electrical transmission and distribution project aimed to serve new and existing markets and improve a still fragile national economy.
 
Fast forward a few decades and Sri Lanka in 2018 is a far more prosperous and sophisticated country than it was in 1954 and, in many ways, has been a development success story. Yet, the island nation still faces some critical challenges as it strives to transition to another stage of its development and become a competitive upper middle-income country.
 
Notably, the current overreliance on the public-sector as the main engine for growth and investment, from infrastructure to healthcare, is reaching its limits.  With one of the world’s lowest tax to gross domestic product (GDP) ratios -- 12% in 2016, down from 24% in 1978 —Sri Lanka’s public sector is now facing serious budget constraints and the country needs to look for additional sources of finance to boost and sustain its growth.
 
As outlined in its Vision 2025, the current government has kickstarted an ambitious reform agenda to help the country move from a public investment to a more private investment growth model to enhance competitiveness and lift all Sri Lankans’ standards of living.
 
Now is the time to steer this vision into action. This is urgent as Sri Lanka is one of the world’s most protectionist countries and one of the hardest to start and run a business. As it happens, private foreign investment is much lower than in comparable economies and trade as a proportion of GDP has decreased from 88% in 2000 to 50% in 2016. Reversing this downward trend is critical for Sri Lanka to meet its development aspirations and overcome the risk of falling into a permanent “middle-income trap.”

Low-carbon shipping: Will 2018 be the turning point?

Dominik Englert's picture
Photo: Peter Hessels/Flickr
As highlighted in a previous blog post, international maritime transport has not kept pace with other transport modes in the fight against climate change.

While inland transport was included in the 2015 Paris Agreement and international air transport followed suit in 2016, progress in the international shipping sector, which carries 80% of the world’s trade volume, has been more modest. Back in 2011, the International Maritime Organization (IMO) did adopt a set of operational and technical measures to increase the energy efficiency of vessels. Realistically though, it may take about 25-30 years to renew the world’s entire fleet and make all new vessels fully compliant with IMO’s technical requirements.

In any case, focusing only on technical and operational efficiency simply won’t be enough. The demand for maritime transport is growing so quickly that, even when taking all these energy efficiency regulations into account, CE Delft projects that emissions from international shipping could still increase by 20-120% by 2050, while IMO estimates range between 50-250% for different scenarios. This clearly calls for a bolder agenda that includes credible market-based solutions, too.

How to help more citizens participate in the global tax agenda

Andrew Wainer's picture
Photo: Mohammad Al-Arief/The World Bank.

Editor’s note: The findings, interpretations and conclusions expressed herein are those of the authors and do not necessarily reflect the view of the World Bank Group, its Board of Directors or the governments they represent.

Even as domestic tax reform is in the political limelight, there is growing attention to taxation in the developing world and the role of citizens in shaping tax policy.


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