Europe And Central Asia Economic Update April 2019
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| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 108 |
| Release | : 2019-04-05 |
| Genre | : Business & Economics |
| ISBN | : 1464814090 |
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 is projected to decline to further in 2019, before picking up in 2020-21. What challenges does the region face in the coming year? In the long run, how should policy makers design policies that boost growth and help individuals and firms adjust to the interplay between globalization and technological change? Within the global context, this update summarizes the recent developments and outlook for the region. The focus of this issue is on financial inclusion in the region, as one of the important policy areas that can promote long-term growth, reduce poverty, and enhance resilience to shocks.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 136 |
| Release | : 2019-10-09 |
| Genre | : Business & Economics |
| ISBN | : 1464815062 |
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 only one-third of migration takes place within regions, intraregional migration is especially high within Europe and Central Asia, with 80 percent of the region's emigrants choosing to move to other countries in the region. In high-income destination countries, migrants are often blamed for high unemployment and declining social services. There are also widespread concerns about brain drain in the migrant sending countries of Eastern Europe, the Western Balkans, and Central Asia. This update focuses on the design of policies on labor mobility and presents the trends, determinants, and impacts of low- and high-skilled labor.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 96 |
| Release | : 2020-04-08 |
| Genre | : Business & Economics |
| ISBN | : 146481564X |
In 2018, the World Bank launched the Human Capital Index (HCI), which is designed to highlight how improvements in current health and education outcomes will shape the productivity of the next generation of workers. The HCI measures the amount of human capital that a child born today can expect to have by age 18, in view of the risks of poor education and poor health that prevail in the country where she or he was born. This update presents the ECA- HCI, which extends the HCI in two dimensions to make it more relevant for countries in Europe and Central Asia. First, the extension includes quality-adjusted years of tertiary education, in addition to basic education. Second, going beyond the child stunting and adult survival rates, the ECA-HCI proxies health status by including risk factors such as obesity, smoking, and heavy drinking, which are prevalent in the region. This exercise reveals that a child born today in the average country in the region would be only half as productive as he/she could have been with full tertiary education and full health.
| Author | : World Bank Group |
| Publisher | : World Bank Publications |
| Total Pages | : 326 |
| Release | : 2019-07-11 |
| Genre | : Business & Economics |
| ISBN | : 146481399X |
Global growth appears to be stabilizing after a period of marked weakness, but it remains fragile. A modest recovery in emerging market and developing economies continues to be constrained by subdued investment, which is dampening prospects and impeding progress toward achieving critical development goals. Downside risks to the outlook remain elevated, and policymakers continue to face major challenges to boost resilience and foster long-term growth. this issue includes essays on the benefits and risks of government borrowing, recent investment weakness in emerging market and developing economies, the pass-through of currency depreciations to inflation, and the evolution of growth in low-income countries.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 150 |
| Release | : 2021-10-05 |
| Genre | : Business & Economics |
| ISBN | : 1464818029 |
Although global economic activity is recovering and output in Europe and Central Asia (ECA) is expected to grow in 2021, containing COVID-19 remains a challenge in the region. Enterprise survey data for the emerging and developing countries in the region show that COVID-19 had a profound and heterogeneous impact on firms. Smaller, younger, and female-run businesses were hit harder and had greater difficulty recovering. But the crisis also played a cleansing role and economic activity in ECA appears to have been reallocated toward more productive firms during the crisis, particularly in countries with more competitive markets. Firms with high pre-crisis labor productivity experienced significantly smaller drops in sales and employment than firms with low pre-crisis labor productivity and were also more likely to adapt to the crisis by increasing online activity and remote work. Many governments in ECA implemented broad policy support schemes to address the initial economic fallout from the crisis. Overall, this government support was more likely to go to less productive and larger firms, regardless of the level of their pre-crisis innovation. As economies enter the economic recovery phase, it will be important for policy makers in all countries to phase out broad policy support measures as soon as appropriate and focus on fostering a competitive business environment, which is key to a strong recovery, resilience to future crises, and sustainable, long-term economic growth.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 339 |
| Release | : 2021-08-03 |
| Genre | : Business & Economics |
| ISBN | : 1464816662 |
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 172 |
| Release | : 2021 |
| Genre | : Business & Economics |
| ISBN | : 1464816980 |
Governments play a critical role in the economies of Europe and Central Asia, where government expenditures are close to 40 percent of gross domestic product and the public sector accounts for nearly 27 percent of total employment, which is almost twice the global average. The public sector often attracts some of the best educated workers in the region. And support for a larger public sector is increasing due to aging populations and their growing health care and long-term care needs, rising inequality and greater support for redistribution, and increasing expenditures as governments address the challenges posed by the COVID-19 crisis. The significant role that government plays underscores the importance of the quality of governance in determining productivity and growth and effectively responding to the region’s economic and social challenges. Digital technology and the data revolution offer the potential to increase efficiency, transparency, responsiveness, and citizen trust, directly impacting the quality of government. Across the world, the quality of government is increasingly informed by the extent to which governments harness digital tools and GovTech to optimize management, service delivery, and overall state capacity. Technology and data are also key for fostering collaboration between governments and civil society to improve public sector efficiency and service delivery. The COVID-19 pandemic has highlighted the costs associated with delaying digitalization and GovTech implementation and the opportunities that lie in public sector modernization.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 166 |
| Release | : 2019-04-23 |
| Genre | : Business & Economics |
| ISBN | : 1464814120 |
Despite global economic volatility, growth in developing East Asia and Pacific (EAP) was resilient during 2018, and in the first quarter of 2019. The growth outlook for developing EAP is expected to soften in 2019, as China's economic expansion continues to moderate. Downside risks remain, including expected moderated global demand, continued trade tensions, the risk of a faster-thanexpected financial tightening in developed economies, the risk of weaker-than-expected growth in China, and continued financial market volatility. Also, or in combination, these risks could weigh on the· region's growth prospects in the short-to-medium term. To manage global and regional headwinds, developing EAP economies should reduce short-term vulnerabilities and enhance buffers, redouble their commitment to an open, rules-based international trade and investment framework, including through deeper regional economic integration, and deepen structural reforms. The intensification of risks underscores the need to continue to enhance economic security by investing in human capital and strengthen social assistance.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 180 |
| Release | : 2020-10-07 |
| Genre | : Business & Economics |
| ISBN | : 1464816433 |
The COVID-19 pandemic has hit human capital directly in Europe and Central Asia, adversely affecting both education and health. School closures may lead to learning losses equivalent to a third to a full year of schooling, and they are likely to exacerbate inequalities, by disproportionately affecting students from disadvantaged backgrounds. The disease has already killed thousands of people, and some patients who survive will suffer long-term damage to their health. Recovery from the pandemic will thus require strong investment in education and health. This update examines human capital outcomes in the region and the ways in which the pandemic is likely to affect them. A focus on the quality of tertiary education and health risk factors of obesity, smoking, and heavy drinking highlights the challenges that are particularly important for the region. Post-COVID 19 policy initiatives to improve education and health will need to recognize the challenges posed by increased reliance on remote learning and the importance of being prepared for future pandemics, given the vulnerability of the region’s aging societies and the large number of people with underlying health risks.
| Author | : Asian Development Bank |
| Publisher | : Asian Development Bank |
| Total Pages | : 819 |
| Release | : 2019-04-01 |
| Genre | : Business & Economics |
| ISBN | : 9292615610 |
The annual Asian Development Outlook, now in its 30th year, analyzes economic performance in the past year and forecasts performance in the next 2 years for the 45 economies in Asia and the Pacific that make up developing Asia. Growth prospects in developing Asia remain strong despite persistent external headwinds responsible for moderating expansion since 2017. Global trade and economic activity weakened toward the end of 2018, slowing growth in many economies in the region. The outlook is cloudy with risks that tilt to the downside. A drawn-out trade conflict could undermine trade and investment in the region, and US fiscal policy and the consequences of a disorderly Brexit could weigh on growth in the advanced economies and the People's Republic of China. Though the risk of sharp increases in US interest rates has subsided, policy makers must stay vigilant. Disasters are shaped by natural hazards and the dynamics of the economy, society, and environment in which they occur. They pose a growing threat to development and prosperity in the region, their consequences disproportionately severe in developing countries, especially for the poor and marginalized. As developing Asia is home to more than four-fifths of the people affected by disasters globally in the past 2 decades, the region must strengthen its disaster resilience. This means integrating disaster risk reduction into national development and investment plans, spending more on prevention for a better balance with spending on rescue and recovery, and pooling risk through insurance and reinsurance.
