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John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the appropriate function of the Bank. It cannot be the overall financer of global balance of payment deficits. It can finance economically strategic and productive projects. It can be the bridge between government and private financing, and thereby complement the Marshall Plan. He discussed administration of the Marshall Plan and national self-interest. The opportunity afforded by recovery of Europe and its closer integration remains the first and most promising objective to achieve.
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The Indonesia Economic Prospects (IEP) is a bi-annual World Bank report that assesses recent macroeconomic developments, outlook and risks, as well as specific development challenges for the Indonesian economy. In doing so, the IEP aims to inform the public policy debate and is geared towards a wide audience, including the general public, the government, the private sector, civil society organizations, and other domestic and international stakeholders.
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This paper provides a review and assessment of the current literature on the macroeconomic impact of natural disasters in the Caribbean, including other non-Caribbean studies that may have implications for it. It also discusses, in view of existing studies, what factors may make Caribbean economies more resilient to these extreme events, as well as whether there are damage thresholds beyond which recovery will be more difficult. Finally, recommendations are provided for future data collection and research that might provide further light on the issues.
Climate Change Economics --- Climate Change Impacts --- Debt --- Economic Growth --- Economic Recovery --- Economic Theory and Research --- Environment --- Industrial Economics --- Industry --- Macroeconomics and Economic Growth --- Natural Disasters
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As the Coronavirus (COVID-19) pandemic enters its second year, foreign investors can see light at the end of the tunnel as economic conditions improve. Results from the latest round (Q1 2021) of World Bank Group's quarterly pulse surveys of Multinational Enterprise (MNE) affiliates suggests that most firms are still operating below full capacity. The pandemic's adverse effects on MNEs in developing countries continued to ease in the first quarter of 2021 (Q1 2021). Impacts remained widespread with 93 percent experiencing at least one adverse impact, but fewer firms report negative demand, output, revenue, and profit impacts (relative to Q1 2020) than in prior survey rounds. The average magnitude of these impacts was also more limited and continued to ease from Q4 2020. The longer-term outlook for foreign investment in developing countries remains subdued. Overall, 92 percent of firms report that their foreign parent had no plans to change (increase or decrease) the company's level of investment over the next 1-3 years. Uncertainty about future demand is the key factor holding investment back, but policy and regulatory restrictions are also a factor for almost half of firms. Survey results confirmed that almost all MNE affiliates have increased their adoption of digital technologies for remote working, e-commerce, and supply chain management in response to the pandemic. Half of MNE affiliates also report increasing their focus on sustainability and decarbonization of products and services, with foreign parent companies again playing a critical role. While these survey results may not be generalizable to all developing countries, they are directionally indicative of MNEs' experiences in developing countries.
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After registering the weakest growth in 14 years during FY2016, economic activity is recovering in Nepal. Agriculture and construction are expected to improve on the account of a good monsoon as well as increased disbursements of housing reconstruction grants. Coupled with in-creased government spending, this is expected to push FY2017 growth to 5 percent and to remain in line with potential thereafter. This edition of the Nepal Development Update examines the key economic developments in Nepal over the preceding months, placing them in a longer term and global perspective. In the Special Focus section, the authors take a closer look at what it would take for the electricity sector to power Nepal's recovery. Over the past decade, power outages in Nepal have increased substantially. Availability of reliable and affordable electricity has become a major constraint for Nepal's development as it hampers the ability to improve living standards, raise agricultural productivity and income, and help youth transition from farming to non-farm employment through creation of new industries at home. Given Nepal's natural endowments, it is not difficult to envision an electricity sector that can support green growth, poverty reduction, and shared prosperity. Such an electricity sector would not only meet domestic demand reliably, affordably, and cleanly, but would earn revenue from export of surplus hydropower through enhanced regional electricity markets to neighboring countries by integrating the wider South Asia power market. Wholesale structural reforms of the electricity sector are needed to achieve this.
Economic Forecasting --- Economic Growth --- Economic Recovery --- Electric Power --- Electricity --- Energy --- Fiscal & Monetary Policy --- Hydro Power --- Hydropower --- Inflation --- Investment Climate --- Macroeconomics and Economic Growth --- Monetary Policy
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Jordan's economic growth has been subdued in the last year as spillovers from regional instability take a toll. Jordan has been managing spillovers from the Syrian crisis including closure of trade routes with Iraq and Syria and hosting more than 656,000 registered Syrian refugees with UNCHRwith an estimated 1.3 million Syrians in Jordan as per the census. While the Jordanian economy hasheld up with growth generated from a number of sectors, it has been losing momentum. Growth of2.1 percent in the first half of 2016 slightly declined compared to 2.2 percent in first half of 2015. The outlook is subject to downside risks. Compared to the region, Jordan's growth forecast of 2.3 percent for 2016 is in line with the average growth rate for the Middle East and North Africa. However, higher frequency of security incidents are materializing around Jordan and could further depress consumer and investor confidence. Containing the fiscal deficit and implementing the new IMF program will be challenging as some adjustment measures could be considered socially sensitive. In parallel, the implementation of planned reforms to improve the functioning of the labor market, improve the investment climate and unlock access to finance which are vital to stimulate economic activity, and improve welfare. Finally, Jordan's external position will face further pressures if expected grants and concessional financing do not materialize and grants are not sustained and increased.
Economic Conditions and Volatility --- Economic Growth --- Economic Recovery --- Education --- Education Reform --- Employment --- Fiscal & Monetary Policy --- Macroeconomics and Economic Growth --- Monetary Policy --- Political Economy
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World Bank Group President David Malpass discussed talks with G7 leaders about the World Bank Group's work on health and preparedness. The World Bank will have approved vaccination programs in over 50 countries by the end of June. He talked about the Bank's joint work with the African Union's Africa Vaccine Acquisition Task Team (AVATT) vaccination program. The Bank is convening a task force with the International Monetary Fund (IMF), World Trade Organization (WTO), and World Health Organization (WHO) to help track supplies, coordinate delivery, and accelerate deployment. He noted he would talk with G7 Leaders about the World Bank Group's work on climate, nature-based solutions, and biodiversity.
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The Coronavirus(COVID-19) pandemic has had strong adverse impacts on the private sector in low- and middle-income countries. The future course of the pandemic remains highly uncertain, so consideration of alternative scenarios may be more helpful in assessing investment opportunities and designing policy responses. Based on private sector responses to the pandemic shock, and lessons learned from previous exogeneous shocks, this paper outlines two alternative scenarios for private enterprise during the recovery phase. The scenarios consider a stronger as well as a weaker global economic recovery, and both of these are based on the information available as of end-June 2021. Thus, the scenarios do not discuss developments that have taken place since June 30, which include the emergence of the Delta variant of Coronavirus (COVID-19), and the evolution of vaccine deployment around the world.
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farms --- farms --- Economic recovery --- Economic recovery --- economic environment --- economic environment --- Support measures --- Support measures --- Farm establishment --- Farm establishment --- Young workers --- Young workers --- farmers --- farmers --- Tenancy --- Tenancy --- Vocational training --- Vocational training --- Leases --- Leases --- Fiscal policies --- Fiscal policies --- Taxes --- Taxes --- legislation. --- legislation --- surveys --- surveys --- Wallonie --- Wallonie
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The outbreak was declared a pandemic by the WHO on March 11 and the epicenter of the crisis has moved from China and Korea to the US and Western Europe. Infections are also increasing at a rapid pace in WBG client countries, with large uncertainty about the extent to which many countries are affected due to the lack of testing. IDA countries have limited resources and capacity to keep infections low and provide proper care for those with serious health problems due to COVID-19 infection as well as to address related socio-economic distress.
Business Cycles and Stabilization Policies --- Coronavirus --- COVID-19 --- Disease Control and Prevention --- Economic Assistance --- Economic Recovery --- Fiscal and Monetary Policy --- Fiscal Policy --- Health, Nutrition and Population --- Macroeconomics and Economic Growth --- Public Debt --- Public Sector Development