The Russian invasion of Ukraine threatens the uneven recovery of developing East Asia and Pacific (EAP) countries. The invasion comes on top of the economic distress caused by the lingering COVID-19 pandemic, the financial tightening in the United States, and the pandemic resurgence and the economic slowdown in China. While commodity producers and fiscally solid countries in the region may weather these shocks with less difficulty, these events will dampen the growth prospects of most economies in the region. Overall economic growth is projected to slow to 5 percent in 2022— 0.4 of a percentage point less than expected in October. If global conditions worsen and national policy responses are weak, growth could ease further.Continue reading
Higher inflation. Slower growth. Tightening financial conditions.
In recent weeks, Russia’s invasion of Ukraine has exacerbated global economic risks. There is a fourth element, however, that could make the mix combustible: the high debt of emerging markets and developing economies.Continue reading
Mari Pangestu represented the World Bank at the International Union for Conservation of Nature (IUCN) World Conservation Congress in September 2021, speaking at a high-level dialogue on Unlocking a Nature-Smart Recovery from the pandemic and also an event recognizing the progress made on climate and nature through the One Planet Summit. This blog was originally published as an open letter to the IUCN Congress on September 4.
, 6.1 percent of global gross domestic product (GDP).
Air pollution is also deadly, causing or contributing to heart attacks, strokes, lung cancer, and respiratory diseases and killing an estimated seven million people every year – with about 95 percent of these deaths occurring in low- and middle- income countries. COVID-19 is only making matters worse, with research finding links between air pollution and COVID-19 hospitalizations and deaths.
A year and a half since the onset of the COVID-19 pandemic, the global economy is poised to stage its most robust post-recession recovery in 80 years in 2021. But the rebound is expected to be uneven across countries, as major economies look set to register strong growth even as many developing economies lag.
Climate change is challenging our status quo as the frequency of extreme weather events keeps increasing. Water scarcity could cost some regions up to 6% of GDP and floods could force hundreds of millions of people from their homes by 2050. At the same time, we’re facing a $15 trillion infrastructure finance gap.
Since the COVID-19 outbreak, developing economies have suffered unprecedented capital outflows. The World Bank Group has created a virtual one-stop for the latest information about Debt Service Suspension Initiative (DSSI). It highlights the potential savings for each eligible country—both in dollar terms and as a percentage of GDP. Explore the data!
Deadline: 27-Apr-2020 at 11:59:59 PM (Eastern Time – Washington D.C.)
a. Preparation of Blue Economy Roadmaps, including a rapid Blue Economy diagnosis (quantitative) of the contributions of selected productive sectors to the blue economy jobs, GDP, and gender; and Institutional assessment of policy and regulatory frameworks.
b. Assessment of regional marine monitoring and forecasting; and preparation of a OECS Marine Research Agenda and action plan.
Productivity growth is the primary source of lasting income growth, which in turn is the main driver of poverty reduction. Whereas the one-quarter of emerging market and developing economies (EMDEs) with the fastest productivity growth have reduced their extreme poverty rates by an average of more than 1 percentage point per year since 1981, poverty rates rose in EMDEs with productivity growth in the lowest quartile. The broad-based slowdown in labor productivity growth over the past decade has raised concerns about progress in achieving development goals.
Following an intense research and writing process over the last 10 months, I am pleased to announce that a draft of the World Development Report (WDR) 2020 – Trading for Developing in the Age of Global Value Chains is now available online for public comment.
Why Global Value Chains (GVCs) and why now?
The World Bank’s last report on trade was more than thirty years ago – WDR 1987 Industrialization and Foreign Trade. In the meantime: