World development report 2014: risk and opportunity - managing risk for development
In the face of social unrest, economic crises, and more frequent natural disasters, preparation and recovery efforts by governments, communities, and individuals have become increasingly essential. Effective risk management can provide both resilience to withstand adverse events and the ability to take advantage of development opportunities. It is, therefore, a critical ingredient in the fight to end poverty, says a new report from the World Bank Group. According to the World Development Report 2014, titled ‘Risk and Opportunity: Managing Risk for Development', adverse shocks – above all health, weather shocks, and economic crises – play a major role in pushing households below the poverty line and keeping them there. The report concludes that managing risks responsibly and effectively can save lives, avert economic damages, prevent development setbacks, and unleash opportunities. Risk management can be a powerful instrument for development, bringing security and the means of progress to people in developing countries and beyond.
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