East Asia prides itself on rapid economic progress over the past few decades with millions lifted out of poverty. Between 2008 and 2018, real per capita GDP in the region grew at an average rate of 6.7 percent per year, significantly above the global average of 1.5 percent. Yet the extent of progress on poverty is exaggerated by the fact that poverty thresholds are set too low compared to other countries at similar income levels. This leads to policies which do not do justice to the scale of the problem. New numbers released by the World Bank using global benchmarks underscore this point.
Domestic food price inflation remains high around the world. Information between May to September 2022 shows high inflation in almost all low-income and middle-income countries; , with many experiencing double-digit inflation. The share of high-income countries with high food price inflation has risen to 85.7%.
The war in Ukraine deepened the global economic slowdown, which is now in its steepest decline following a post-recession recovery since 1970.
Informed decision making requires timely and relevant evidence. This holds for national decision makers as well as development practitioners. Here at the World Bank, we have been working on creative solutions that lower the cost of project monitoring and create feedback loops. These feedback loops allow decision makers to assess the impact of their actions and to plan course corrections where needed. They also serve as incentive to act, since most decision makers wish to avoid the possibility of their inaction being exposed in future rounds of feedback and data collection. Feedback loops thus improve development outcomes through two pathways: by providing timely and actionable information and by functioning as an accountability mechanism. SWIFT and IBM are two examples of new tools that make this kind of regular feedback affordable.
Published on http://www.worldbank.org, June 19, 2019
- Resilient infrastructure is about people. Particularly in developing countries, infrastructure disruptions are an everyday concern that affects people’s well-being, economic prospects, and quality of life.
- There is a significant economic opportunity from investing in resilient infrastructure: the overall net benefit of doing so in developing countries would be $4.2 trillion over the lifetime of new infrastructure.
- For infrastructure investors, governments, development banks and the private sector the message is clear: rather than just spending more, also spend better
It can enable schools and hospitals, businesses and industry, and access to jobs and prosperity. In developing countries, however, disruptions to infrastructure are an everyday concern, reducing opportunities for employment, hampering health and education, and limiting economic growth.
In low and middle-income countries, direct damages from natural hazards to power generation and transport alone cost $18 billion a year, cutting into the already scarce budget of road agencies and power utilities. But the main impact of natural shocks on infrastructure is through the disruptions they impose on people and communities, for instance, businesses unable to keep factories running or use the internet to take orders and process payments; or on the households that don’t have the water they need to prepare meals or on people unable to go to work, send children to school, or get to a hospital.