Growth in Asia and the Pacific outperformed expectations in late 2023, reaching 5.0 percent for the year. Inflation has continued to decline, albeit at varying speeds: some economies are still seeing sustained price pressures, while others are facing deflationary risks.In 2024, growth is projected to slow modestly to 4.5 percent. …
This report explores the potential socio-economic impacts of the energy transition in Southeast Asia. It shows that an ambitious energy transition will deliver a broad range of beneficial socio-economic outcomes for the region. Southeast Asia has witnessed impressive economic growth in the past three decades. Its gross domestic product (GDP), …
The Rwanda Economic Update No. 21 reviews the country’s macroeconomic performance and prospects and includes a special section focusing on the impact of foreign direct investment (FDI) on the domestic economy. After growing by 8.2 percent in 2022, Real GDP expanded by 9.2 percent in the first quarter of 2023. …
Global agricultural and food production are projected to continue to increase over the next ten years, but at a slower pace of growth than the previous decade due to demographic trends, according to this report released by the Food and Agriculture Organization of the United Nations (FAO) and the Organisation …
Reducing the impact of climate change on poor and vulnerable households is essential to hastening poverty reduction. In thinking about policies that do this, it is useful to apply the same hazard, exposure and vulnerability framework that is often used to understand the physical impacts of climate change and add …
Energy subsidies, which have a long history of use by governments around the world, have been rising in recent years after a brief period of decline. Despite their significant wider costs, subsidies are used by governments for various policy, and political reasons. Faced with recent external shocks, governments around the …
The new administration has initiated critical reforms to address macroeconomic imbalances. This window of opportunity could have a transformative impact on the lives of millions of Nigerians and establish a solid foundation for sustainable and inclusive growth. The removal of the petrol subsidy and foreign exchange (FX) management reforms are …
A country is dependent on the export of commodities (or “commodity-dependent”) when its merchandise exports are heavily concentrated on primary commodities. The source of commodity dependence can be linked to a country’s persistent or structural conditions, such as its resource endowment and factor composition, institutional framework, geographic situation, history among …
Dialogues on climate issues, including the various multilateral agreements, have largely been driven by traditional state-to-state diplomacy. Nevertheless, over the years, new diplomatic players, such as cities, public institutions, and other subnational entities, are gaining significant importance in climate diplomacy, and have brought forward ambitious commitments. Still, the United Nations …
With a GDP growth at 4.8 percent in 2022, economic performance softened after the strong rebound from the COVID-19 crisis at 7.5 percent in 2021. The growth rate, however, has remained in line with Kenya’s long-term growth trajectory, even though the economy faced challenging global financial conditions, fuel, and food …
In the last two years, Liberia’s economic performance has improved. Inflation remained in single digits despite high global food and fuel prices and a relaxation in monetary and fiscal policies. Liberia’s poverty rate is projected to have declined slightly in the last two years as GDP growth rebounds and inflation …
This is the first edition of the Economic Update for Equatorial Guinea. This report presents recent economic developments in Equatorial Guinea as well as the medium-term economic outlook and risks (Chapter 1), followed by a detailed exploration of a specific topic (Chapter 2). This edition focuses on fuel subsidies and …
Over two million deaths and $4.3 trillion in economic losses; that’s the impact of a half-century of extreme weather events turbo-charged by man-made global warming, according to this new figure from the World Meteorological Organization (WMO). Extreme weather, climate and water-related events caused 11 778 reported disasters between 1970 and …
This paper takes a closer look at the potentially huge economic and fiscal transition costs of global decarbonization in fossil fuel export-dependent economies. The paper identifies 40 heavily fossil fuel dependent economies. It is estimated that these countries will lose more than 60 percent in oil rents alone during the …
Indonesia can build on its impressive track-record of poverty reduction to tackle more ambitious poverty reduction targets. Indonesia has made impressive gains in reducing poverty, with previously lagging regions catching up, and the Government’s goal to eliminate extreme poverty by 2024 practically met. As an aspiring upper middle-income country, however, …
Asia and the Pacific remains a dynamic region despite the somber backdrop of what looks to be shaping up as a challenging year for the world economy. Global growth is poised to decelerate as rising interest rates and Russia’s war in Ukraine weigh on activity. Inflation remains stubbornly high, and …
Real GDP expanded by 17.7 percent in 2022, with per capita incomes surpassing the pre-pandemic levels. On the supply side, accommodation, transport, and commerce explained 60 percent of growth. On the demand side, exports (mainly tourism) and private consumption accounted for growth. The rebound in economic activity in 2022 was …
The Gabon Economic Update is an annual World Bank publication that presents an overview of the evolving macroeconomic position in Gabon, followed by a detailed exploration of a specific topic in each edition. The first chapter analyzes recent economic developments, as well as the macroeconomic outlook and risks for Gabon’s …
This book discusses effective social innovation strategies facilitated by civil society organisations (CSOs) to tackle India’s significant urban sanitation challenge. It presents the contours of an ecosystem that includes citizen participation and strengthening community-managed systems for improved sanitation and public health. The book analyses case studies of effective sanitation programmes …
This paper emphasizes the unique and crucial contribution that Asia can make to climate action and calls for businesses across the region to be at the forefront of this important drive. While there are significant economic opportunities to be realized, corporate ambitions and commitments are meaningful only if combined with …
There are many indicators of energy security. Few measure what really matters—an affordable and reliable energy supply—and the trade-offs between the affordability and reliability. Reliability is physical, affordability is economic. The latest Russian invasion of Ukraine highlights some of the problems with energy security, from long-term contracts being broken to …
