Development Policy Review
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Publication
Georgia Competitive Industries Preliminary Sector Diagnostic
(World Bank, Washington, DC, 2013-06)As a small and open economy, Georgia's growth prospects are directly linked to its ability to produce and sell goods and services competitively in the global marketplace. The World Bank Georgia Competitive Industries Technical Assistance Project has been launched in February 2013 in response to the December 19, 2012 letter of the Ministry of economy and sustainable development of Georgia with the request to get the Bank's support in diagnoses of trade competitiveness and identification of a road map for reform to enhance Georgia's export growth and competitiveness. The project is envisioned as a three phase program, that comprises: February-June 2013 analytical and technical assistance support, including diagnostic of trade competitiveness and constraints to export growth, and competitive industries sector diagnostic report, supported by extensive discussions through a series of workshops, private and public sector interviews, discussions and a large 2-day seminar on February 28-March 1, 2013; July-December 2013-deep dive analysis of selected competitive industries and development of a reform road map to support Georgia's competiveness strategy; and from January 2013-reform implementation, supported by the Bank's technical assistance, policy advice and lending operations. The report is prepared on the basis of the competitive industries sector prioritisation framework. The report incorporates ideas and recommendations received during February 28-March 1, 2013 seminar and several smaller workshops and brainstorming sessions held in March-May 2013. Export led growth provides also a strong motivation to reform the domestic industries which will continue to account for the vast majority of employment. Georgia's main domestic industries include agriculture, retail/wholesale, construction, transportation, health and education. Since economic growth is accounted for by productivity improvements by workers in all industries, export-led growth can play a key role in raising these productivity levels. -
Publication
Republic of Moldova : Policy Priorities for Private Sector Development
(Washington, DC, 2013-06)The Government of Moldova is seeking to change the country's development paradigm and build an export-oriented economy characterized by investment, innovation, and competitiveness, following a decade of 'jobless growth'. This report focuses on improvements that will be needed to move Moldova to the next stage of development as envisioned in the Moldova 2020 strategy; however, reforms over the past decade also deserve acknowledgment. Improving the business environment is an especially important task, given Moldova's low levels of natural resources and small internal market. This study aims to identify the most pressing problems in the business environment that are adversely affecting Moldovan companies' productivity and competitiveness, and to present recommendations that would help remove these obstacles. The analysis is based on a review of existing reports; interviews with government officials, private sector associations, a sample of businesses, and some subject matter experts; as well as original research on access to finance. This study has identified that the following aspects of doing business are the most problematic: customs administration; tax administration; business regulation, consisting of licenses, authorizations, permits, and inspections; the competition framework; and access to finance. This report presents short-term (2013-2014) and longer-term (2015-2017) recommendations in each of the five priority areas. -
Publication
Russia : Development Policy Review
(Washington, DC, 2003-06-09)The objective of this report is to provide an assessment of the development objectives before the Russian Federation. To that end, this report assesses: 1) development outcomes and prospects, and 2) the extent to which the Government has been able to implement its social and structural reform program. The analysis and recommendations herein draw on knowledge acquired through various World Bank activities in Russia as well as on sources external to the World Bank. The report is organized as follows: Chapter 1 discusses development outcomes and prospects, which provides background for the report. Chapter 2 focuses on improving the investment climate by reducing energy subsidies, imposing a payments discipline, and strengthening corporate governance as part of the enterprise restructuring process. Incentives propounded to encourage the growth of small and medium enterprises would include improving the business environment, reforming tax policy, strengthening the financial sector, reforming infrastructure monopolies, promoting competitiveness, improving labor market flexibility, and promoting rural investments. Chapter 3 identifies key macroeconomic challenges and risks. Chapter 4 examines the framework for enhancing human capabilities and protecting vulnerable groups. Finally, Chapter 5 elaborates the steps to be undertaken to reform public sector management, including improving intergovernmental fiscal relations, public financial management, tax and customs administration, civil service, and the justice system. -
Publication
Slovak Republic : Development Policy Review, Volume 2. Main Report
(Washington, DC, 2002-11)Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform. -
Publication
Slovak Republic : Development Policy Review, Volume 1. Summary Report
(Washington, DC, 2002-11)Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform.