The Palestinian Authoritys (PA) fiscal situation remains difficult and the latest conflict in Gaza has placed further pressure on an already tight budget.
... Voir la suite This short working paper describes the current fiscal situations facing the PA. Included in this report are a number of projections about certain legislative bills and predictions for quarters 2 and 3. The PA has continued to push forward its reform agenda but progress in certain areas such as revenues and arrears accounting has slowed.
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In the third quarter of 2014 (Q3), the Philippine economy expanded by 5.3 percent its slowest pace in 11 quarters. Growth slowed down due to the contraction of government spending on the demand side and agricultural production on the supply side.
... Voir la suite The services sector the main engine of growth also slowed to its lowest level in 12 quarters. For Q3 2014 and for the first 3 quarters of 2014, Philippine growth is about average when compared to the major economies in the East Asia region. Capital outflows resulted in a full-year balance of payments deficit of about USD 3.4 billion, the first in a decade. However, the current account remains in strong surplus, supported by robust remittances, while international reserves continue to be at comfortable levels at more than 10 months of imports. Inflation started to moderate, with positive impact on both households and businesses while government spending contracted significantly in Q3 and constituted a further drag on growth. Sustaining government spending in the near-term will require significant improvements in budget planning and execution as the current 28-year old system, already at capacity, is hard pressed to support higher spending. Going forward, the Philippines needs to accelerate reforms that can translate higher growth into more inclusive growth the type that creates more and better jobs so that poverty can be reduced massively and prosperity shared by more people. Overall, the country has an investment gap (both physical and human capital) of around 6.8 percent of GDP as of 2014. The document outlines this investment gap.
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This report contains the World Bank Group Boards calendar for the period of January 2015 to March 2015, specifying the Boards engagements, such as meetings, briefings, and other Bank happenings.
... Voir la suite It is updated as of January 15, 2015.
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Global growth again disappointed in 2014 but a lackluster recovery is underway, with increasingly divergent prospects in major economies. Looking ahead, growth is expected to rise slowly, supported by continued recovery in high-income countries and receding domestic headwinds in developing economies.
... Voir la suite Weak global trade growth and lower commodity prices are projected to persist while financial conditions will likely tighten gradually. Risks to the outlook are still tilted to the downside. The stability of remittances may help some of the lowest-income countries weather shocks. In some developing economies, monetary policy challenges may be attenuated if falling commodity prices reduce inflationary pressures. Fiscal stimulus could effectively support growth if there is sufficient fiscal space. Some developing countries, however, have to rebuild fiscal space to preserve their ability to implement countercyclical fiscal policy, which has served them well over the decade. Both high-income and developing countries need to undertake structural reforms that promote growth and job creation and help achieve poverty reduction goals. The Global Economic Prospects is a World Bank Group Flagship Report. On a twice yearly basis (January and June), it examines global economic developments and prospects, with a special focus on developing countries. The report includes analysis of topical policy challenges faced by developing countries through extensive research in the January edition and shorter pieces in the June edition.
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This paper focuses on developments in the European Economic and Monetary Union sovereign debt markets in the past decade. The ?rst part analyzes the integration and segmentation structure of the bond markets of the Economic and Monetary Union before and after the sovereign debt crisis, by introducing the novel concept of correlation-based stable networks.
... Voir la suite Accordingly, a fair integration is observed between the bond markets during the pre-crisis period. However, a strict segmentation emerges, separating the members struggling with debt problems and the ones with relatively strong ?scal performances during the sovereign debt turmoil. The segmentation structure is clearly visualized, revealing the potential paths for crisis and recovery transmission in the future. In the second part, the paper comments on the recent decreasing trend in Economic and Monetary Union member bond yields and their increasing degree of co-movement. Accordingly, the paper argues that these changes do not depend on the ?scal performances of the member countries, but depend on the illusion of quality that appeared with the Fed (U.S. Federal Reserve) tapering signals in early 2013.
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Document de travail de recherche sur les politiques WPS7149 JAN 01, 2015
This paper analyzes Zambian export patterns using a new transaction-level trade data set for the period 1999-2011. The data show that, in international comparison, Zambian exports are exceptionally concentrated (on mining products).
... Voir la suite This reliance has been increasing in recent years. Zambia's exports are also characterized by a high level of churning of firms and products. Multivariate models of survival probabilities suggest that exchange rate volatility and difficult access to imported inputs significantly inhibit diversified and stable exports. The econometric analysis is complemented with a qualitative study of the Zambian export sector. The analysis concludes that one of the main policy levers for unleashing Zambia's full potential as an exporter is by facilitating access to imported inputs. Additional measures that ease foreign exchange transactions, simplify export and certification requirements, and increase the predictability of Zambia's trade regime could be effective to promote Zambia's nontraditional exports.
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Document de travail de recherche sur les politiques WPS7151 JAN 01, 2015
The paper investigates determinants of civic participation in local budget processes in rural areas in the Kyrgyz Republic by using data from the Life in Kyrgyzstan survey, conducted in 2012.
... Voir la suite The analysis of the data suggests that although civic awareness and interest in local budget processes is relatively high, the participation rate in local budgeting processes is low. The paper also shows that interest, awareness, and participation are positively associated with the age, education, employment, risk-taking attitudes, trust, and social capital of respondents. The paper documents that unawareness and lack of participation are largely related to being female, of non-Kyrgyz ethnic origin, inactive in the labor market, recent internal migrants, and residents of communities with poor infrastructure.
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Document de travail de recherche sur les politiques WPS7154 JAN 01, 2015
The Government of Papua New Guinea aims to increase the size and economic contribution of the domestic private sector consisting mainly of small and medium enterprises (SMEs), with a focus on generating employment.
... Voir la suite Despite large external investments in Papua New Guineas resource sector, private sector activity in the formal economy is low. In particular, women and young people remain dependent on small-scale, informal businesses for their livelihoods. There are currently significant constraints to SME growth and investment, chief among which is the difficulty in accessing credits by SMEs, despite sufficient liquidity in the banking sector. This occurs for two main reasons. Firstly, SMEs often lack the collateral, information or guarantees needed to meet commercial banks requirements for lending. Secondly, banks perceive high levels of risk in lending to SMEs. Addressing these impediments should enable local SMEs to more actively engage in economic growth, job creation and poverty reduction across Papua New Guinea.
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This issue of the international centre for settlement of investment disputes (ICSID) caseload: statistics (special focus - European Union (EU)) provides an overview of the ICSID caseload involving member states of the EU.
... Voir la suite It is based on ICSID cases registered as of March 1, 2014. This document looks at cases involving an EU member state as the state party to the dispute and illustrates the number of cases registered, the type of cases registered, the basis of consent to ICSID jurisdiction invoked in such cases, the economic sectors involved, and the geographic origin and type of investors involved in such cases. It also contains data on outcomes in arbitration proceedings involving an EU member state, including further information on disputes decided by tribunals and on settled or discontinued cases. It also contains data on outcomes in ICSID arbitration proceedings involving an investor from an EU member state, including further information on disputes decided by tribunals and on settled or discontinued cases. Finally, this document looks at the nationalities and geographic origins of arbitrators, conciliators, and ad hoc committee's members appointed in all ICSID cases. The analysis considers all ICSID cases involving an EU member state irrespective of their date of registration.
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This issue of the international centre for settlement of investment disputes (ICSID) caseload: statistics updates the profile of the ICSID caseload, historically and for the center's fiscal year 2014.
... Voir la suite It is based on cases registered or administered by ICSID as of June 30, 2014. This document illustrates: the number of cases registered under the ICSID convention and additional facility rules; the number of other cases administered by the ICSID secretariat; the basis of consent to ICSID jurisdiction invoked in registered arbitration and conciliation cases; the geographic distribution of ICSID cases by the state party to the dispute; and the economic sectors involved in ICSID disputes. It also contains data on outcomes in ICSID arbitration and conciliation proceedings, including further information on disputes decided by arbitral tribunals, data on discontinued ICSID arbitration proceedings, and outcomes to date in annulment proceedings under the ICSID convention. The nationalities and geographic origins of arbitrators, conciliators, and ad hoc committee members appointed in ICSID cases are also featured.
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This issue of the international centre for settlement of investment disputes (ICSID) caseload: statistics updates the profile of the ICSID caseload, historically and for the center's fiscal year 2014.
... Voir la suite It is based on cases registered or administered by ICSID as of June 30, 2014. This document illustrates: the number of cases registered under the ICSID convention and additional facility rules; the number of other cases administered by the ICSID secretariat; the basis of consent to ICSID jurisdiction invoked in registered arbitration and conciliation cases; the geographic distribution of ICSID cases by the state party to the dispute; and the economic sectors involved in ICSID disputes. It also contains data on outcomes in ICSID arbitration and conciliation proceedings, including further information on disputes decided by arbitral tribunals, data on discontinued ICSID arbitration proceedings, and outcomes to date in annulment proceedings under the ICSID convention. The nationalities and geographic origins of arbitrators, conciliators, and ad hoc committee members appointed in ICSID cases are also featured.
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This issue of the international centre for settlement of investment disputes (ICSID) caseload: statistics (special focus - European Union (EU)) provides an overview of the ICSID caseload involving member states of the EU.
... Voir la suite It is based on ICSID cases registered as of March 1, 2014. This document looks at cases involving an EU member state as the state party to the dispute and illustrates the number of cases registered, the type of cases registered, the basis of consent to ICSID jurisdiction invoked in such cases, the economic sectors involved, and the geographic origin and type of investors involved in such cases. It also contains data on outcomes in arbitration proceedings involving an EU member state, including further information on disputes decided by tribunals and on settled or discontinued cases. It also contains data on outcomes in ICSID arbitration proceedings involving an investor from an EU member state, including further information on disputes decided by tribunals and on settled or discontinued cases. Finally, this document looks at the nationalities and geographic origins of arbitrators, conciliators, and ad hoc committee's members appointed in all ICSID cases. The analysis considers all ICSID cases involving an EU member state irrespective of their date of registration.
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