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The World Region

Energy and fertilizer prices rose in October, raw materials and precious metals fell – Pink Sheet

John Baffes's picture
Energy commodity prices increased more than 3 percent in October, a fourth consecutive monthly gain, led by a strengthening in oil, according to the World Bank’s Pink Sheet.

Agriculture prices edged lower in the month, as raw materials declined, notably natural rubber, which tumbled 12 percent. Food and beverage prices changed little. Fertilizer prices climbed over 5 percent, helped by a 12 percent jump in urea.

Which comes first: good governance or economic growth? (Spoiler: it’s neither)

Yuen Yuen Ang's picture
Available in Chinese
Graphic: Nicholas Nam/World Bank

The idea that economic growth needs good governance and good governance needs economic growth takes us to a perennial chicken-and-egg debate: Which comes first in development—good governance OR economic growth? For decades, positions have been sharply divided between those who advocate “fix governance first” and others who say “stimulate growth first.”

Five years of investments in open data

Tim Herzog's picture
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This year marks the fifth anniversary of the World Bank’s efforts to help countries launch their own open data initiatives, and harness the power of open data to benefit their citizens. A new report provides insights into how open data is benefitting countries, what strategies are working well, what could be improved.

The report provides the most comprehensive snapshot of Bank-funded open data activities to date. In the last five years, the Bank has provided technical assistance and funding for open data activities in over 50 countries, conservatively estimated at more than $50 million from a variety of sources. In many cases Bank funding has leveraged support from other partners or co-sponsorship by countries and other institutions. Within the Bank, the Trust Fund for Statistical Capacity Building (TFSCB) has been the most significant source of funding for open data. The TFSCB has financed over 20 projects in 16 countries, as well as 6 grants for regional and global activities.

Supporting over 45 countries with national and sector-specific open data

Support for open data has taken a variety of forms. To date, 45 Open Data Readiness Assessments (ODRAs) have been completed at national and sub-national levels, which have helped raise awareness and catalyze public and private efforts to advance open data within countries. There are now sector-specific ODRA tools for business, energy, and transport. The Bank has invested in a range of open data learning and knowledge products, including data literacy courses and the Open Data Toolkit, and collaborated with its global partners to support academic research, a series of regional conferences, and open data implementation. The report also found that these initial efforts have catalyzed longer-term project investments, i.e., IBRD loans and IDA credits, with open data implementation components in at least 14 countries.

These winning photos capture the future of sustainable cities

Xueman Wang's picture
The premise behind the Sustainable Cities photo competition was simple. We wanted to learn what people around the world “see” when they hear the words “sustainable cities.”
The submissions – and we at the Global Platform for Sustainable Cities received more than 90 entries from over 40 countries around the world – are very revealing.

What the photographers tried to communicate was a need: both the urgent need for infrastructure that leads to more resilient, sustainable cities, or a need to aspire to greener ideals of building sustainable communities for all.

There is no better day than today, World Cities Day, for us to share with you the 10 finalists – including 3 winners and an honorable mention for climate action – of the photo competition.

In the winning photo by Yanick Folly, one can practically feel the chaos of a city in Benin, the smell of exhaust fumes as cars crawl up alongside motorcycles and pedestrians down narrow alleyways.

Yanick Folly (Benin) – Winner
Growing day by day, our world is always moving. Just see the big vibrant Benin market. #SustainableCities

The photo is also a reminder that cities are made of people. Any set of solutions for “sustainable cities” will have to make sense to a city’s inhabitants, who tread its streets daily.
In other photos, the aspiration is palpable. 

Many of the photographers are nationals of developing countries from all over the world. Yet quite a few of them shared photos of cities we regard as environmentally friendly: Singapore, Amsterdam, London, and Paris... We saw many photos of parks in developed countries, and heard the same message: These green spaces and pedestrian walkways are what we want in a city.
Adedapo Adesemowo (UK / Nigeria)

From a waste dumping ground for oil, tar, arsenic, and lead to an Olympic park. #SustainableCities
Many photos also reflect the vast difference between the aspirational city, and what most people actually live with.
We received photos of what many of us may categorize as rural areas, but we should reconsider these preconceptions: some “cities” in developing countries are little more than makeshift towns.
So, it is all the more reason why we are excited about this winning photo by Oyewolo Eyitayo from Nigeria. You might think this is an uneventful photograph of a typical urban suburb. Except that the half dirt roads are lined with solar panels.
Oyelowo Eyitayo (Nigeria) – Winner
Going solar is a simple & impactful #climateaction that can help combat climate change. #SustainableCities

Chart: It's Never Been Faster to Start A Business

Tariq Khokhar's picture

Over the last 15 years, the Doing Business project has recorded nearly 3,200 reforms in 186 economies around the world. The area that's seen the greatest number of reforms is starting a business. Today, the time taken to start a new small or medium business has less than halved to an average of 20 days worldwide, compared with 52 in 2003. Read more in Doing Business 2018

Annual Bank Conference on Development Economics (ABCDE) - Call for papers

Claudia Sepúlveda's picture

The Annual Bank Conference on Development Economics (ABCDE), organized by the World Bank’s Development Economics (DEC) Vice Presidency, is one of the world's leading conference series promoting the exchange of innovate and leading research among researchers, policymakers, and development practitioners.

Global Investment Competitiveness: New Insights on FDI

Anabel Gonzalez's picture

It is easy enough to find data on flows of foreign direct investment (FDI). There are also plenty of anecdotes out there that purportedly encapsulate what businesses worldwide are thinking. It is far more difficult, however, to establish rigorous connections between global investment trends and individual investment decisions by international companies. In the World Bank Group’s newly published Global Investment Competitiveness Report 2017–2018, our team does just this, combining new survey data, rigorous econometric analysis, and extensive literature reviews to reveal what is going on behind the headline numbers.

Here are some of the key takeaways:

“Nudge units” – where they came from and what they can do

Zeina Afif's picture

You could say that the first one began in 2009, when the US government recruited Cass Sunstein to head The Office of Information and Regulatory Affairs (OIRA) to streamline regulations. In 2010, the UK established the first Behavioural Insights Unit (BIT) on a trial basis, under the Cabinet Office. Other countries followed suit, including the US, Australia, Canada, Netherlands, and Germany. Shortly after, countries such as India, Indonesia, Peru, Singapore, and many others started exploring the application of behavioral insights to their policies and programs. International institutions such as the World Bank, UN agencies, OECD, and EU have also established behavioral insights units to support their programs. And just this month, the Sustainable Energy Authority of Ireland launched its own Behavioral Economics Unit.

International Debt Statistics 2018 shows BRICs doubled bilateral lending commitments to low-income countries in 2016 to $84 billion

World Bank Data Team's picture
The 2018 edition of International Debt Statistics (IDS) has just been published.

IDS 2018 presents statistics and analysis on the external debt and financial flows (debt and equity) of the world’s economies for 2016. It provides more than 200 time series indicators from 1970 to 2016 for most reporting countries. To access the report and related products you can:

This year’s edition is released less than 10 months after the 2016 reference period, making comprehensive debt statistics available faster than ever before. In addition to the data published in multiple formats online, IDS includes a concise analysis of the global debt landscape, which will be expanded on in a series of bulletins over the coming year.

Why monitor and analyze debt?

The core purpose of IDS is to measure the stocks and flows of debts in low- and middle-income countries that were borrowed from creditors outside the country. Broadly speaking, stocks of debt are the current liabilities that require payment of principal and/or interest to creditors outside the country. Flows of debt are new payments from, or repayments to, lenders.

These data are produced as part of the World Bank’s own work to monitor the creditworthiness of its clients and are widely used by others for analytical and operational purposes. Recurrent debt crises, including the global financial crisis of 2008, highlight the importance of measuring and monitoring external debt stocks and flows, and managing them sustainably. Here are three highlights from the analysis presented in IDS 2018:

Net financial inflows to low-and middle income countries grew, but IDA countries were left behind

In 2016, net financial flows into low- and middle-income countries grew to $773 billion - a more than three-fold increase over 2015 levels, but still lower than levels seen between 2012 and 2014.

However, this trend didn’t extend to the world’s poorest countries. Among the group of IDA-only countries, these flows fell 34% to $17.6 billion - their lowest level since 2011. This fall was driven by drops in inflows from bilateral and private creditors.

Join us to discuss the role of citizens in building open, accountable and inclusive societies

Jeff Thindwa's picture

How can citizens’ actions help build a society that is more open, accountable and inclusive? In about a week, social accountability stakeholders from across the world will convene at World Bank headquarters to discuss just that, at the Global Partners Forum of the World Bank’s Global Partnership for Social Accountability (GPSA).