Two recently released World Bank reports — one on commodities and the other on remittances — lend insight into an unfolding dynamic in the world today. As oil prices dropped from more than $100 per barrel in June 2014 to as low as $27 in the last few months, the money sent home from people working abroad in oil-producing countries also fell. This drop is a major reason remittances to developing countries declined in 2015 to their lowest growth rate since the 2008-2009 financial crisis.
My father is a long-distance trucker based in Belarus. As a young girl, I spent long hours on the road with him. I loved traveling to neighboring and faraway cities and—even though I could barely reach the pedals at the time—dreamed of becoming a truck driver myself one day. Life ended up taking me on another path, but it wasn’t until I was older that I learned that the option of being a truck driver was never open to me to begin with.
Because my native country prohibits women from being truck drivers, one of the 182 professions out of bounds for women.
With the Ebola outbreak waning but not yet over, the three most affected countries must now find ways to rebuild their economies and strengthen their health systems to try to prevent another health crisis in the future.
To that end, the presidents of Guinea, Liberia, and Sierra Leone came to the World Bank on April 17 to ask for help funding an $8 billion, 10-year recovery plan for the three countries, with $4 billion needed over the next four years to accelerate recovery. More than $1 billion was pledged by the end of a high-level meeting at the start of the World Bank Group -IMF Spring Meetings – including $650 million from the World Bank Group.
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.
I discussed our most recent Russia growth outlook at a roundtable at the Higher School of Economics Conference on Apr. 2 with a number of Russian and international experts. This conference is one of the most important and prestigious economic conferences in Russia, and traditionally, the World Bank co-sponsors it as part of its outreach to other stakeholders.
The room was packed...
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?
Join me in a Twitter Chat on why global food prices remain high on Dec. 4 at 10 a.m. ET/15:00 GMT. I'll be tweeting from @worldbanklive with hashtag #foodpriceschat. Ask questions beforehand with hashtag #foodpriceschat. Looking forward to seeing you on Twitter.
Today there are 842 million who are hungry. As the global population approaches 9 billion by 2050, demand for food will keep increasing, requiring sustained improvement in agricultural productivity. Where will these productivity increases come from? For decades, small-scale family farming was widely thought to be more productive and more efficient in reducing poverty than large-scale farming. But now advocates of large-scale agriculture point to its advantages in leveraging huge investments and innovative technologies as well as its enormous export potential. Critics, however, highlight serious environmental, animal welfare, social and economic concerns, especially in the context of fragile institutions. The often outrageous conditions and devastating social impacts that “land grabs” bring about are well known, particularly in severely food-insecure countries.
So, is large-scale farming—particularly the popularly known “super farms”—the solution to food demand challenges? Or is it an obstacle? Here are the 10 key questions you need to ask yourself to better understand this issue. I have tried to address them in the latest issue of Food Price Watch.
- food security
- food price watch
- super farms
- South Asia
- United States
- United Kingdom
- Trinidad and Tobago
- Russian Federation
- Congo, Democratic Republic of
Since our most recent Russia Economic Report (RER) just four months ago, the World Bank revised its 2013 growth outlook for Russia – down from 3.3 percent to 2.3 percent. This downward revision in May represents a decline in our projections by 1.0 percentage point compared with March, and 1.3 percentage points compared with October 2012.
LONDON -- I'm just back from the G8 meeting in Northern Ireland, and under the leadership of Prime Minister David Cameron, we focused on some critical but often overlooked elements on how the world can end extreme poverty in a generation: taxes, trade, and transparency. Watch the video to see why I feel so strongly about this.