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Global Report on Islamic Finance: Islamic Finance - A Catalyst for Shared Prosperity?

(Washington, DC: World Bank, 2017-02-20) World Bank ; Islamic Development Bank Group

Income inequality has increased considerably in the aftermath of the financial crisis of 2007–08 to the extent that one percent of global population possess almost half of the global assets. Whereas the development community is unanimous to tackle growing inequality and imbalance in the distribution of wealth, there is a difference of opinion as to the approaches to achieve this goal. This report presents a perspective from Islamic finance on how shared prosperity can be enhanced. The theoretical framework for economic development by Islamic economics and finance is based on four fundamental pillars: (i) an institutional framework and public policy oriented to the development objectives of Islam; (ii) prudent governance and accountable leadership; (iii) promotion of the economic and financial system based on risk sharing; and (iv) financial and social inclusion for all, promoting development, growth, and shared prosperity. There is evidence that Islamic finance is experiencing high growth with the banking sector leading the way. Several countries are working seriously towards developing standards, regulation and legal frameworks for the development of Islamic finance. However, there are a number of aspects where policy interventions or improvements in policy effectiveness are needed to develop Islamic finance to promote shared prosperity. Without the enabling environment, Islamic finance may not be able to attain the potential expected of it. With adequate policy interventions and enabling financial infrastructure, Islamic finance could become a catalyst for alleviating poverty and inclusive prosperity. The key findings of the report include a need for sound regulatory framework for Islamic financial institutions due to the obvious differences from the conventional banks, harmonizing of Shariah standards and more discourse related to the underlying mechanism of Islamic financial products. Islamic capital markets both equity and Sukuk (Islamic bonds) are vital for the development of Islamic financial markets. Finally, instruments of Islamic social finance and redistribution could contribute further to enhance the shared prosperity.
The Africa Competitiveness Report 2015

(Geneva: World Economic Forum, 2015-06-01) World Economic Forum ; World Bank ; African Development Bank ; Organisation for Economic Co-operation and Development

The Africa Competitiveness Report 2015 comes out at a promising time for the continent: for 15 years growth rates have averaged over 5 percent, and rapid population growth holds the promise of a large emerging consumer market as well as an unprecedented labor force that - if leveraged - can provide significant growth opportunities. Moreover, the expansion of innovative business models, such as mobile technology services, is indicative of the continents growth potential. However, Africa continues to be largely agrarian, with an economy that is underpinned by resource-driven growth and a large and expanding informal sector. Indeed, more than a decade of consistently high growth rates have not yet trickled down to significant parts of the population: nearly one out of two Africans continue to live in extreme poverty, and income inequality in the region remains among the highest in the world. What is more, across sectors - from agriculture to manufacturing and services - productivity levels remain low. It will be necessary to raise productivity across all sectors of the economy to achieve higher growth and create quality employment, and turn this progress into sustainable inclusive growth.
Planning, Connecting, and Financing Cities--Now : Priorities for City Leaders

(Washington, DC: World Bank, 2013-01-21) World Bank ; Lall, Somik V.

This report provides Mayors and other policymakers with a policy framework and diagnostic tools to anticipate and implement strategies that can avoid their cities from locking into irreversible physical and social structures. At the core of the policy framework are the three main dimensions of urban development. · Planning— where the focus is on making land transactions easier, and making land use regulations more responsive to emerging needs especially to coordinate land use planning with infrastructure, natural resource management, and risks from hazards; · Connecting—where the focus is on making a city’s markets (for labor, goods, and services) more accessible to neighborhoods in the city and to other cities. Here the focus is also on investing in public transport, and pricing private transport fully; and · Financing— where the focus is on how a city can leverage its own assets to finance new assets for example, through land value capture, establishing creditworthiness for local governments and utilities to access domestic debt and bond markets and how to set clear and consistent rules to attract private investors to create jobs in cities. This report also distills lessons from prototypes urbanization diagnostics which have been piloted to reflect challenges for countries at nascent (Uganda, Vietnam), intermediate (China, India, Indonesia), and mature (Brazil, Colombia, South Korea, Turkey) urbanization. These diagnostics under the World Bank's Urbanization Review program have engaged strategic counterparts, such as those in national ministries of finance and planning, in thinking about policy choices that influence urbanization and city development.
Ascent after Decline : Regrowing Global Economies after the Great Recession

(World Bank, 2012-01-09) Canuto, Otaviano ; Leipziger, Danny M.

This volume combines the analyses of leading experts on the various elements affecting economic growth and the policies required to spur that growth. Ascent after Decline: Regrowing Global Economies after the Great Recession identifies the main challenges to the economic recovery, such as rising debt levels, reduced trade prospects, and global imbalances, as well as the obstacles to growth posed by fiscal conundrums and lagging infrastructure. It also examines the way forward, beginning with the role of the state and then covering labor markets, information technology, and innovation. The common thread throughout the book is the view that economic re-growth will depend in large measure on smart policy choices and that the role of government has never been more crucial than at any time since the great depression. As members of the World Bank community, these issues are of particular importance to us, since without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poorer developing countries is dampened. This is troubling because we have seen progress in many parts of the globe in the past decade, including in Africa, and these gains will be arrested as long as the global economy is in disarray. Donors will withdraw, investment will retrench, and prospects will dim. This immiserizing welfare outcome is to be avoided. The volume is intended to shed light on those areas of policy that reduce the prospects of a prolonged period of stress and decline by 'regrowing growth.'
A Guide to the World Bank : Third Edition

(World Bank, 2011-06-29) World Bank

This guide introduces the reader to the conceptual work of the World Bank Group. Its goal is to serve as a starting point for more in-depth inquiries into subjects of particular interest. It provides a glimpse into the wide array of activities in which the Bank Group institutions are involved, and it directs the reader toward other resources and websites that have more detailed information. This new, updated third edition of a guide to the World Bank provides readers with an accessible and straightforward overview of the Bank Group's history, organization, mission, and work. It highlights the numerous activities and an organizational challenge faced by the institution, and explains how the Bank Group is reforming itself to meet the needs of a multipolar world. The book then chronicles the Bank Group's work in such areas as climate change, financial and food crises, conflict prevention and fragile states, combating corruption, and education. For those wishing to delve further into areas of particular interest, the book guides readers to sources containing more detailed information, including websites, electronic products, and even mobile phone applications.
Opportunities in Dam Planning and Management : A Communication Practitioner's Handbook for Large Water Infrastructure

(World Bank, 2011-06-21) Mazzei, Leonardo ; Haas, Lawrence J. M. ; O'Leary, Donal T.

Communication for development is a comparatively new field that offers new tools and techniques to support inclusive and informed decisions in the planning and management of large water and energy infrastructure projects, including dams. Rethinking the approach to communication on dam projects is also timely in today's policy context. A window of opportunity has opened to tie in governance reform (including fighting corruption), poverty reduction, and communication with today's challenges in sustainable infrastructure development. Progress on any one of these aspects requires effective communication with stakeholders and interests. This handbook aims to help foster a 'communication culture' that will accommodate the wide range of stakeholder interests in dam planning and management in ways appropriate to the development context of today and the need to promote solutions to sustainability challenges. It seeks to create awareness among practitioners of the benefits and costs of improving the role of communication in infrastructure development. It also demonstrates how communication helps to improve governments' capacities to address corruption issues in infrastructure. Finally, this handbook is aimed at building the capacity of project teams and government officials to effectively adopt and adapt modern communication principles and tools to cover all stages of the dam project cycle.
Diaspora for Development in Africa

(World Bank, 2011-04-26) Ratha, Dilip ; Plaza, Sonia

The diaspora of developing countries can be a potent force for development for their countries of origin, through remittances, but also, importantly, through promotion of trade, investments, research, innovation, and knowledge and technology transfers. This book brings relevant experience from both developed and developing countries to bear on issues confronting today's governments in linking with their diaspora. The chapters present different approaches used by countries that have tried to maximize the possible gains from migration by engaging more comprehensively with different diaspora groups and individuals. Some African countries are pursuing policies to develop links with Africans abroad, either to encourage them to return or to use their skills, knowledge, or financial capital to foster African development. The book discusses concrete examples of diaspora initiatives that are being implemented in Africa. There are comprehensive reviews on how the diaspora can promote trade and investment linkages. Some developing countries are using dual citizenship to deepen ties with their diaspora. The book directly addresses the issues of remittances-linked financial instruments, investments by the diaspora, diaspora bonds, contributions of skilled and unskilled diaspora in transferring knowledge, analytical research on return migration, and concrete circular migration experiences. There is a need to have a better understanding of these initiatives and to see whether they can be scaled up or replicated in other countries worldwide.
Doing a Dam Better : The Lao People's Democratic Republic and the Story of Nam Theun 2 (NT2)

(World Bank, 2011) Shivakumar, Jayasankar ; Porter, Ian C.

Preparation of the $1.45 billion Nam Theun 2 (NT2) project in the Lao People's Democratic Republic (Lao PDR) represented an important milestone for the government, the developers, international partners, and other stakeholders. The story of its preparation and implementation is an important one, because it provides valuable insights and lessons that can be applied in future projects of similar size, scope, and complexity. Projects this size are always complex. NT2 was particularly complicated, however, because it was prepared during the challenging times that included the dam debate of the 1990s, which culminated in the world commission on dams, the Asian financial crisis of 1997, the strengthening of environmental and social safeguard policies and practices at the World Bank and other financial institutions, and the greater scrutiny of governance arrangements for the transparent use of natural resource rents by countries. This book covers those times and focuses on the widely differing perspectives of NT2's diverse stakeholders, the unique political economy of Lao PDR, the heated international debate on dams, the rapidly changing state of the art regarding poverty and safeguard interventions, the shifting signals within the World Bank, and the collective efforts of many different partners and stakeholders to ensure that NT2 met the high and appropriate standards.
Entrepreneurship Snapshots 2010 : Measuring the Impact of the Financial Crisis on New Business Registration

(World Bank, 2011) World Bank

New businesses are likely to have been even more severely affected by the crisis than mature businesses, even in non crisis times, new and young firms tend to be more constrained than older firms which often have established reputations and enjoy easier access to finance. Given the sudden scarcity of credit and the uncertain economic outlook, it is reasonable to assume that entrepreneurs wanting to start a new business or register an existing informal business were hit especially hard by the downturn. Until now, however there has been a lack of comprehensive evidence to support this assumption. The impact of the 2008-09 financial crises on new business creation should be of special interest given the importance of entrepreneurs and young firms to the continued dynamism of the modern market economy; it is well established that a robust entry rate of new business can foster competition and economic growth. This report hypothesizes that although economies with more developed financial markets were hit harder by the crisis, they will enjoy stronger and quicker recoveries in new firm creation.
Two Dragon Heads : Contrasting Development Paths for Beijing and Shanghai

(World Bank, 2010) Yusuf, Shahid ; Nabeshima, Kaoru

In broad terms, the sources of economic growth are well understood, but relatively few countries have succeeded in effectively harnessing this knowledge for policy purposes so as to sustain high rates of growth over an extended period of time. Among the ones that have done so, China stands out. Its gross domestic product (GDP) growth rate, which averaged almost 10 percent between 1978 and 2008, is unmatched. Even more remarkable is the performance of China's three leading industrial regions: the Bohai region, the Pearl River Delta, and the Yangtze River (Changjiang) delta area. These regions have averaged growth rates well above 11 percent since 1985. Shanghai is the urban axis of the Yangtze River Delta's thriving economy; Beijing is the hinge of the Bohai region. Their performance and that of a handful of other urban regions will determine China's economic fortunes and innovativeness in the coming decades. The balance of this volume is divided into five chapters. Chapter two encapsulates the sources of China's growth and the current and future role of urban regions in China. The case for the continuing substantial presence of manufacturing industry for growth and innovation in the two urban centers is made in chapter three. Chapter four briefly examines the economic transformation of four global cities and distills stylized trends that can inform future development in Beijing and Shanghai. Chapter five describes the industrial structure of the two cities, identifies promising industrial areas, and analyzes the resource base that would underpin growth fueled by innovation. Finally, chapter six suggests how strategy could be reoriented on the basis of the lessons delineated in chapter four and the economic capabilities presented in chapter five.