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Publication
An Investment Perspective on Global Value Chains
(Washington, DC: World Bank, 2021-05-13)This book examines the role of foreign direct investment (FDI) in global value chains (GVCs). To stimulate economic transformation through GVCs, policy makers in developing countries need to better understand the business strategies of multinational corporations (MNCs), internationalization pathways for domestic firms, and how policies can create a favorable environment for both types of firms. Part I brings together the latest theories and empirical evidence to illustrate the mutually reinforcing relationship between FDI and GVC participation. It argues that MNCs have driven the phenomenal rise of GVCs in the past three decades as they have unbundled production processes and spread their networks on a global scale. Domestic firms benefit considerably from their participation in GVCs as they learn from MNCs through investment, partnerships, or trade. Part II includes six case studies examining the approaches of developing countries to leveraging FDI to stimulate and facilitate GVC participation and upgrading. The cases include Kenya (horticulture), Honduras (apparel), Malaysia (electronics), and Mauritius (tourism). Another case focuses on the digital economy for the Republic of Korea, India, and China. Each case study presents a different approach by which policy makers have leveraged FDI to stimulate and facilitate GVC participation and upgrading. A quantitative case study on Rwanda and West Bengal, India, uses firm- and transaction-level data to provide new insights into the dynamics between MNCs and domestic firms in selected value chains. The report also discusses the recent COVID-19 (coronavirus) pandemic and its potential impact on FDI and GVCs. The outbreak has triggered new questions about GVCs and accelerated precrisis global trends such as digitalization and economic nationalism. How MNCs and their supplier firms respond to the supply and demand shocks as well as policy uncertainties will play a critical role in crisis responses and recovery. -
Publication
The 1.5 Billion People Question: Food, Vouchers, or Cash Transfers?
(Washington, DC: World Bank, 2018)Most of the people in low and middle-income countries covered by social protection receive assistance in the form of in-kind food. The origin of such support is rooted in countries’ historical pursuit of three interconnected objectives, namely attaining self-sufficiency in food, managing domestic food prices, and providing income support to the poor. This volume sheds light on the complex, bumpy and non-linear process of how some flagship food-based social protection programs have evolved over time, and how they currently work. In particular, it lays out the broad trends in reforms, including a growing move from in-kind modalities to cash transfers, from universality to targeting, and from agriculture to social protection. Case studies from Egypt, India, Indonesia, Mexico, Sri Lanka, and United States document the specific experiences of managing the process of reform and implementation, including enhancing our understanding of the opportunities and challenges with different social protection transfer modalities. -
Publication
Inclusive Green Growth : The Pathway to Sustainable Development
(Washington, DC, 2012)As the global population heads toward 9 billion by 2050, decisions made today will lock countries into growth patterns that may or may not be sustainable in the future. Care must be taken to ensure that cities and roads, factories and farms are designed, managed, and regulated as efficiently as possible to wisely use natural resources while supporting the robust growth developing countries still need. Economic development during the next two decades cannot mirror the previous two: poverty reduction remains urgent but growth and equity can be pursued without relying on policies and practices that foul the air, water, and land. Inclusive Green Growth: The Pathway to Sustainable Development makes the case that greening growth is necessary, efficient, and affordable. Yet spurring growth without ensuring equity will thwart efforts to reduce poverty and improve access to health, education, and infrastructure services. Countries must make strategic investments and farsighted policy changes that acknowledge natural resource constraints and enable the world's poorest and most vulnerable to benefit from efficient, clean, and resilient growth. Like other forms of capital, natural assets are limited and require accounting, investment, and maintenance in order to be properly harnessed and deployed. By maximizing co-benefits and avoiding lock-in, by promoting smarter decisions in industry and society, and by developing innovative financing tools for green investment, we can afford to do the things we must. -
Publication
Changing the Industrial Geography in Asia : The Impact of China and India
(Washington, DC: World Bank, 2010)The focus of this volume is on China and India. The authors see them as the principal beneficiaries of the first upheaval, roughly bookended by the crises of 1997-98 and of 2008-09, and as being among the prime movers whose economic footprints will expand most rapidly in the coming decades. If these two countries do come close to realizing their considerable ambitions, their neighbors in Asia and their trading partners throughout the world must be ready for major adjustments. The changes in industrial geography and in the pattern of trade since the mid-1990s have already been far-reaching. Nothing on a comparable scale occurred during the preceding two decades of the 20th century. These developments offer instructive clues concerning the possible direction of changes in the future. However, in the interest of manageability, the author analysis is centered on the dynamics of industrialization, as these have a large bearing on the course of development. Within this context, reference is made to trade, foreign direct investment, and the building of technological capabilities, which together constitute a major subset of the factors responsible for the shape not only of the industrial geography of the past but also of the industrial geography yet to come. The striking feature of development in South and East Asia in the second half of the 20th century is the degree to which Japan dominated the industrial landscape and how the Japanese model triggered the first wave of industrialization in four East Asian economies-the Republic of Korea; Taiwan, China; Hong Kong, China; and Singapore. These four so-called tiger economies were the early starters, and each has become a mature industrial economy. Indeed, Hong Kong, having transferred almost all of its manufacturing activities to the Pearl River Delta, has morphed into a postindustrial economy. -
Publication
India's Investment Climate : Voices of Indian Business
(Washington, DC: World Bank, 2009)This book identifies key investment climate bottlenecks that slow down growth and poverty reduction. Based on face-to-face surveys of owners and managers of firms, combined with extensive dataset analysis, backed by secondary sources, the study analyses the critical factors that influence day-to-day decisions by firms on how to invest. As a result, it identifies growth-enabling reforms that cover macroeconomic policies, governance, institutions, and infrastructure. To get an understanding of investment climate constraints for the entire economy, the book focuses on four key sectors. The manufacturing sector, both organized and unorganized, is important in that it not only contributes a significant share of the overall gross domestic product (GDP), but it is also critical for employment generation and to the growth of the 'lagging' states. Similarly, the retail sector is an important part of the overall economy in its contribution to GDP and to employment. Finally, the information and communication technologies (ICT) sector, though a small part of GDP, has been leading India's services success story and serves as a good example from which the authors may learn. The book presents illustrative case studies of the key constraints identified, and the efforts to address them, along with policy recommendations. Furthermore, the book identifies a number of issues that require further analysis; in those instances the book should be viewed as a first step to bringing the issues into the forefront. The World Bank Group stands ready to work with the government, private sector, and other stakeholders in taking forward this work to help generate real impact on the ground. -
Publication
India's Investment Climate : Voices of Indian Business
(World Bank, 2009)This book identifies key investment climate bottlenecks that slow down growth and poverty reduction. Based on face-to-face surveys of owners and managers of firms, combined with extensive dataset analysis, backed by secondary sources, the study analyses the critical factors that influence day-to-day decisions by firms on how to invest. As a result, it identifies growth-enabling reforms that cover macroeconomic policies, governance, institutions, and infrastructure. To get an understanding of investment climate constraints for the entire economy, the book focuses on four key sectors. The manufacturing sector, both organized and unorganized, is important in that it not only contributes a significant share of the overall gross domestic product (GDP), but it is also critical for employment generation and to the growth of the 'lagging' states. Similarly, the retail sector is an important part of the overall economy in its contribution to GDP and to employment. Finally, the information and communication technologies (ICT) sector, though a small part of GDP, has been leading India's services success story and serves as a good example from which the authors may learn. The book presents illustrative case studies of the key constraints identified, and the efforts to address them, along with policy recommendations. Furthermore, the book identifies a number of issues that require further analysis; in those instances the book should be viewed as a first step to bringing the issues into the forefront. The World Bank Group stands ready to work with the government, private sector, and other stakeholders in taking forward this work to help generate real impact on the ground. -
Publication
Dancing with the Giants: China, India, and the Global Economy
(Washington, DC : World Bank, 2007)This report takes a dispassionate and critical look at the rise of China and India, and asks questions about this growth: Where is it occurring? Who is benefiting most? Is it sustainable? And what are the implications for the rest of the world? The book considers whether the giants' growth will be seriously constrained by weaknesses in governance, growing inequality, and environmental stresses, and it concludes that this need not occur. However, it does suggest that the Chinese and Indian authorities face important challenges in keeping their investment climates favorable, their inequalities at levels that do not undermine growth, and their air and water quality at acceptable levels. The authors also consider China's and India's interactions with the global trading and financial systems and their impact on the global commons, particularly with regard to climate. The book finds that the giants' growth and trade offer most countries opportunities to gain economically. However, many countries will face strong adjustment pressure in manufacturing, particularly those with competing exports and especially if the giants' technical progress is strongly export- enhancing. For a few countries, mainly in Asia, these pressures could outweigh the economic benefits of larger markets in, and cheaper imports from, the giants; and the growth of those countries over the next fifteen years will be slightly lower as a result. The giants will contribute to the increase in world commodity and energy prices but they are not the principal cause of higher oil prices. The giants' emissions of CO2 will grow strongly, especially if economic growth is not accompanied by steps to enhance energy efficiency. At present, a one-time window of opportunity exists for achieving substantial efficiency improvements if ambitious current and future investment plans embody appropriate standards. Moreover, doing so will not be too costly or curtail growth significantly. From their relatively small positions at present, the giants will emerge as significant players in the world financial system as they grow and liberalize. Rates of reserve asset accumulation likely will slow, and emerging pressures will encourage China to reduce its current account surplus. -
Publication
Unleashing India's Innovation : Toward Sustainable and Inclusive Growth
(Washington, DC: World Bank, 2007)India's recent growth has been impressive, with real GDP rising by over eight percent a year since 2004 -- accompanied by a jump in innovative activities. Growth has been driven by rapid expansion in export-oriented, skill-intensive manufacturing and, especially, skill-intensive services. The book is structured as follows: Chapter 1 reviews the Indian context and enabling environment. Chapter 2 analyzes knowledge creation and commercialization. Chapter 3 discusses knowledge diffusion and absorption. Chapter 4 encourages inclusive, pro-poor innovation. Chapter 5 addresses the need for stronger skills and education for innovation. Chapter 6 examines ways of improving information infrastructure. Chapter 7 suggests approaches to enhance innovation finance. -
Publication
Explaining South Asia's Development Success : The Role of Good Policies
(Washington, DC: World Bank, 2006)South Asia has performed well over the past 25 years in reducing poverty, improving human development and increasing growth, but faster progress with poverty reduction will require a higher rate of growth. This book shows that the development performance is not a puzzle but largely explained by good policies. Countries in the region have maintained good macroeconomic environments, opened up their economies to greater domestic and international competition, and reduced the role of corrupt and inefficient public enterprises. -
Publication
Public Pension Fund Management : Governance, Accountability, and Investment Policies
(Washington, DC: World Bank, 2004-08)This report highlights the key themes and findings of the Second Public Pension Fund Management Conference that was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies.