Global Economic Prospects, June 2021


Book Description

The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.




Live Long and Prosper


Book Description

Aging is a challenge which countries in East Asia and Pacific (EAP) regions are grappling with or will soon confront. It raises many questions for policymakers ranging from potential macroeconomic impacts, to fiscal challenges of supporting pension, health and long-term care systems, and labor market implications as countries seek to promote productive aging. The urgency of the aging challenge varies across the region, but it will confront all EAP countries in time and early preparation is essential to avoid the missteps of other regions. Live Long and Prosper discusses the societal and public policy challenges and reform options for EAP countries as they address aging. It aims to strike a balance between aging optimists and pessimists. On the one hand, the impacts of aging on growth, labor markets and public spending are not the unavoidable catastrophe often feared. However, minimizing the downside risks of aging and ensuring healthy and productive aging will require proactive public policy, political leadership, and new mindsets across society. The report reviews the evidence on demographic transition in EAP and its potential macroeconomic impact. It addresses the current policy environment including pensions and social security, health, and long-term care and labor markets to assess the risks of 'business as usual'. It also suggests policy directions to promote healthy and productive aging in EAP, and emphasizes that aging is not just about older people, but requires policy and behavioral change across the life cycle.




Vietnam 2035


Book Description

Thirty years of Ä?ổi Má»›i (economic renovation) reforms have catapulted Vietnam from the ranks of the world’s poorest countries to one of its great development success stories. Critical ingredients have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were successfully fused with the embrace of markets and the global economy. Economic growth since then has been rapid, stable, and inclusive, translating into strong welfare gains for the vast majority of the population. But three decades of success from reforms raises expectations for the future, as aptly captured in the Vietnamese constitution, which sets the goal of “a prosperous people and a strong, democratic, equitable, and civilized country.†? There is a firm aspiration that by 2035, Vietnam will be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. The Vietnam 2035 report, a joint undertaking of the Government of Vietnam and the World Bank Group, seeks to better comprehend the challenges and opportunities that lie ahead. It shows that the country’s aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability; promoting equity and social inclusion to develop a harmonious middle- class society; and enhancing the capacity and accountability of the state to establish a rule of law state and a democratic society. Vietnam 2035 further argues that the rapid growth needed to achieve the bold aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and build national technological and innovative capacity. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.




Women, Business and the Law 2021


Book Description

Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. The project presents eight indicators structured around women’s interactions with the law as they move through their lives and careers: Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and Pension. This year’s report updates all indicators as of October 1, 2020 and builds evidence of the links between legal gender equality and women’s economic inclusion. By examining the economic decisions women make throughout their working lives, as well as the pace of reform over the past 50 years, Women, Business and the Law 2021 makes an important contribution to research and policy discussions about the state of women’s economic empowerment. Prepared during a global pandemic that threatens progress toward gender equality, this edition also includes important findings on government responses to COVID-19 and pilot research related to childcare and women’s access to justice.




Poverty and Shared Prosperity 2020


Book Description

This edition of the biennial Poverty and Shared Prosperity report brings sobering news. The COVID-19 (coronavirus) pandemic and its associated economic crisis, compounded by the effects of armed conflict and climate change, are reversing hard-won gains in poverty reduction and shared prosperity. The fight to end poverty has suffered its worst setback in decades after more than 20 years of progress. The goal of ending extreme poverty by 2030, already at risk before the pandemic, is now beyond reach in the absence of swift, significant, and sustained action, and the objective of advancing shared prosperity—raising the incomes of the poorest 40 percent in each country—will be much more difficult. Poverty and Shared Prosperity 2020: Reversals of Fortune presents new estimates of COVID-19's impacts on global poverty and shared prosperity. Harnessing fresh data from frontline surveys and economic simulations, it shows that pandemic-related job losses and deprivation worldwide are hitting already poor and vulnerable people hard, while also shifting the profile of global poverty to include millions of 'new poor.' Original analysis included in the report shows that the new poor are more urban, better educated, and less likely to work in agriculture than those living in extreme poverty before COVID-19. It also gives new estimates of the impact of conflict and climate change, and how they overlap. These results are important for targeting policies to safeguard lives and livelihoods. It shows how some countries are acting to reverse the crisis, protect those most vulnerable, and promote a resilient recovery. These findings call for urgent action. If the global response fails the world's poorest and most vulnerable people now, the losses they have experienced to date will be minimal compared with what lies ahead. Success over the long term will require much more than stopping COVID-19. As efforts to curb the disease and its economic fallout intensify, the interrupted development agenda in low- and middle-income countries must be put back on track. Recovering from today's reversals of fortune requires tackling the economic crisis unleashed by COVID-19 with a commitment proportional to the crisis itself. In doing so, countries can also plant the seeds for dealing with the long-term development challenges of promoting inclusive growth, capital accumulation, and risk prevention—particularly the risks of conflict and climate change.




Doing Business 2020


Book Description

Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.




World Bank East Asia and Pacific Economic Update, October 2023


Book Description

Economic activity in much of developing East Asia and Pacific (EAP), other than several Pacific Island Countries, has recovered from the succession of shocks since 2020 but is now slowing down. Private consumption and the recovery of tourism had sustained growth in the region but is running out of steam. Slowing global growth is leading to a contraction in exports. Public investment and private investment also remain low in much of the region. Most governments in the region are projected to consolidate fiscally in 2023. The revival of growth in the region will depend crucially on the state of the services sectors. Even though manufacturing has powered EAP development, services already account for more than half of value added and employment. A digital revolution is leading to structural change within all services sectors, with the combination of new domestic platform-based services and more internationally tradable services boosting productivity. Harnessing the digital revolution for inclusive economic growth requires deeper services reforms.




What a Waste 2.0


Book Description

Solid waste management affects every person in the world. By 2050, the world is expected to increase waste generation by 70 percent, from 2.01 billion tonnes of waste in 2016 to 3.40 billion tonnes of waste annually. Individuals and governments make decisions about consumption and waste management that affect the daily health, productivity, and cleanliness of communities. Poorly managed waste is contaminating the world’s oceans, clogging drains and causing flooding, transmitting diseases, increasing respiratory problems, harming animals that consume waste unknowingly, and affecting economic development. Unmanaged and improperly managed waste from decades of economic growth requires urgent action at all levels of society. What a Waste 2.0: A Global Snapshot of Solid Waste Management to 2050 aggregates extensive solid aste data at the national and urban levels. It estimates and projects waste generation to 2030 and 2050. Beyond the core data metrics from waste generation to disposal, the report provides information on waste management costs, revenues, and tariffs; special wastes; regulations; public communication; administrative and operational models; and the informal sector. Solid waste management accounts for approximately 20 percent of municipal budgets in low-income countries and 10 percent of municipal budgets in middle-income countries, on average. Waste management is often under the jurisdiction of local authorities facing competing priorities and limited resources and capacities in planning, contract management, and operational monitoring. These factors make sustainable waste management a complicated proposition; most low- and middle-income countries, and their respective cities, are struggling to address these challenges. Waste management data are critical to creating policy and planning for local contexts. Understanding how much waste is generated—especially with rapid urbanization and population growth—as well as the types of waste generated helps local governments to select appropriate management methods and plan for future demand. It allows governments to design a system with a suitable number of vehicles, establish efficient routes, set targets for diversion of waste, track progress, and adapt as consumption patterns change. With accurate data, governments can realistically allocate resources, assess relevant technologies, and consider strategic partners for service provision, such as the private sector or nongovernmental organizations. What a Waste 2.0: A Global Snapshot of Solid Waste Management to 2050 provides the most up-to-date information available to empower citizens and governments around the world to effectively address the pressing global crisis of waste. Additional information is available at http://www.worldbank.org/what-a-waste.




Africa's Pulse, No. 20, October 2019


Book Description

Growth in sub-Saharan Africa has slightly recovered in 2019 (2.6 percent) from 2.5 percent in 2018. Economic recovery continues at a sluggish pace with growth in the region expected to pick up to 3 .1 percent in 2020 and 3 .2 percent in 2021. Accelerating poverty reduction in Africa requires action in four policy areas: fertility reduction, leveraging the food system on and off the farm, addressing risk and conflict, and providing more public financing to the poverty reduction agenda. Sustaining growth and eradicating poverty calls for policy solutions to empower African women in the following dimensions: building the right skills, relieving capital constraints, securing land rights, connecting women to labor, addressing social norms that limit women's economic opportunities, and boosting the capacity of the next generation.




World Development Report 2019


Book Description

Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.