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  • Publication
    Recovering Growth: Rebuilding Dynamic Post‐COVID-19 Economies amid Fiscal Constraints
    (Washington, DC: World Bank, 2021-10-06) World Bank
    After its worst economic crisis in 100 years, Latin America and the Caribbean countries are emerging from the COVID‐19 pandemic. The need to recover dynamic, inclusive, and sustainable growth to redress both the legacy of the pandemic and long‐standing social needs has never been more acute. However, despite progress in some areas, the region is facing a weaker recovery than expected given the favorable international tailwinds and is likely return to the low growth rates of the 2010s. Moreover, growth could be further slowed by both internal and external factors: the emergence of a new variant of the virus, a rise in international interest rates to combat global inflation, and high levels of debt in both the private and public sector. Beyond offering the current macroeconomic outlook of the region and the near‐term challenges it faces, this report explores three broad areas where growth‐advancing policies and reforms could be undertaken within a constrained fiscal context: mobilizing sources of revenue that appear to be growth-neutral; improving public spending efficiency to free up resources for other purposes; and reallocating spending to areas with highest growth and social impact.
  • Publication
    Loud and Clear: Effective Language of Instruction Policies for Learning
    (Washington, DC, 2021) World Bank
    Part 1 addresses why we should care about LoI (Language of Instruction) issues and the major challenges involved. Its four sections are entitled: (i) why should we care (ii) how big is the problem (iii) the role of political economy; and (iv) diverse LoI contexts. Part 2 presents existing solutions (in section 5) and proposes a detailed way forward for the WB Education Global Practice (section 6). It should be noted that the paper does not claim to possess or propose a complete set of technical solutions for the myriad of difficult policy issues involved. By enhancing engagement and devoting adequate resources to the problem, existing solutions will be deployed, and new solutions devised. Increased partnership and knowledge sharing will be part of this, as will be the testing of innovative approaches. The new approach will involve learning at the individual and institutional level, with an intensity of engagement commensurate with the urgency of the issue.
  • Publication
    World Development Report 2019: The Changing Nature of Work
    (Washington, DC: World Bank, 2019) World Bank
    Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.