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With slowing global growth and increasing uncertainty clouding the global economic prospects,the Europe and Central Asia region faces a more challenging context than previously envisioned.Growth in the emerging markets and developing economies in the region slowed in 2018 and isprojected to decline to further in 2019, before picking up in 2020-21. What challenges does theregion face in the coming year? In the long run, how should policy makers design policies thatboost growth and help individuals and firms adjust to the interplay between globalization andtechnological change? Within the global context, this update summarizes the recent developmentsand outlook for the region. The focus of this issue is on financial inclusion in the region, as one ofthe important policy areas that can promote long-term growth, reduce poverty, and enhanceresilience to shocks.

Economic Forecasts --- Global Value Chains --- Shift To High-Skill Intensive Report --- Tradable Services --- Trade --- Transition

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The share of immigrants in Western and Eastern Europe has increased rapidly over the past four decades.Today, one of every three immigrants in the world goes to Europe. Furthermore, although globally onlyone-third of migration takes place within regions, intraregional migration is especially high within Europeand Central Asia, with 80 percent of the region's emigrants choosing to move to other countries in theregion. In high-income destination countries, migrants are often blamed for high unemployment anddeclining social services. There are also widespread concerns about brain drain in the migrant sendingcountries of Eastern Europe, the Western Balkans, and Central Asia. This update focuses on the design ofpolicies on labor mobility and presents the trends, determinants, and impacts of low- and high-skilled labor.

Brain Drain --- Economic Forecasts --- Global Value Chains --- Labor Mobility --- Migration --- Shift To High-Skill Intensive Report --- Tradable Services --- Trade --- Transition

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Studies on innovation and international trade have traditionally focused on manufacturing because neither was seen as important for services. Moreover, the few existing studies on services focus only on industrial countries, although in many developing countries services are already the largest sector in the economy and an important determinant of overall productivity growth. Using a recent firm-level innovation survey for Chile to compare the manufacturing and "tradable" services sector, this paper reveals some novel patterns. First, although services firms have on average a much lower propensity to export than manufacturing firms, services exports are less dominated by large firms and tend to be more skill intensive than manufacturing exports. Second, services firms appear to be as innovative as-and in some cases more innovative than-manufacturing firms, in terms of both inputs and outputs of "technological" innovative activity, although services innovations more often take a "non-technological" form. Third, services exporters (like manufacturing exporters) tend to be significantly more innovative than non-exporters, with a wider gap for innovations close to the global technological frontier. These findings suggest that the growing faith in services as a source of both trade and innovative dynamism may not be misplaced.

Commodities --- Developing economies --- E-Business --- Exports --- Housing & Human Habitats --- ICT Policy and Strategies --- Innovation --- International Economics & Trade --- Macroeconomics and Economic Growth --- Manufacturing --- Public Sector Corruption & Anticorruption Measures --- Tradable services