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  • Publication
    World Development Report 2022: Finance for an Equitable Recovery
    (Washington, DC: World Bank, 2022-02-15) World Bank
    World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.
  • Publication
    The State of the Global Education Crisis: A Path to Recovery
    (UNESCO, Paris, UNICEF, New York, and World Bank, Washington, DC, 2021-12-10) UNESCO; UNICEF; World Bank
    Even before Coronavirus disease 2019 (COVID-19) hit, the world was already experiencing a learning crisis. 258 million primary- and secondary-school age children and youth were out of school. Many children who were in school were learning very little: 53 percent of all ten-year-old children in low- and middle-income countries were experiencing learning poverty, meaning that they were unable to read and understand a simple age-appropriate text at age 10. This report spotlights how COVID-19 has deepened the education crisis and charts a course for creating more resilient education systems for the future. Section one gives introduction. Section two documents COVID-19’s impacts on learning levels by presenting updated simulations and bringing together the latest documented evidence on learning loss from over 28 countries. Section three explores how the crisis has widened inequality and had greater impacts on already disadvantaged children and youth. Section four reviews evidence on learning recovery from past crises and highlights current policy responses that appear most likely to have succeeded in stemming learning losses, while recognizing that the evidence is still in a nascent stage. The final section discusses how to build on the investments made and the lessons learned during the pandemic to accelerate learning recovery and emerge from the crisis with increased education quality, resilience, and equity in the longer term.
  • 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
    The World Bank Annual Report 2021: From Crisis to Green, Resilient, and Inclusive Recovery
    (Washington, DC: World Bank, 2021-10-01) World Bank
    The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
  • Publication
    Remarks at the G7 Leaders’ Summit Media Briefing
    (World Bank, Washington, DC, 2021-06-13) Malpass, David
    World Bank Group President David Malpass discussed talks with G7 leaders about the World Bank Group’s work on health and preparedness. The World Bank will have approved vaccination programs in over 50 countries by the end of June. He talked about the Bank’s joint work with the African Union’s Africa Vaccine Acquisition Task Team (AVATT) vaccination program. The Bank is convening a task force with the International Monetary Fund (IMF), World Trade Organization (WTO), and World Health Organization (WHO) to help track supplies, coordinate delivery, and accelerate deployment. He noted he would talk with G7 Leaders about the World Bank Group’s work on climate, nature-based solutions, and biodiversity.
  • Publication
    Remarks at the World Health Organization Media Briefing on COVID-19 and Vaccine Equity
    (World Bank, Washington, DC, 2021-06-01) Malpass, David
    World Bank Group President David Malpass stated that the immediate priority is for countries that have sufficient supply to quickly release doses to countries that have vaccination deployment programs. He said that by the end of June, the World Bank will have approved vaccination operations in over 50 countries. It is vital to speed up the supply chain. The World Bank is providing transparent access to very detailed information about projects through an online portal available at He urged other development partners to publish detailed information about their vaccine financing and deployment programs and their delivery schedules. The World Bank is also working to expand supply and will be making announcements of investments by IFC, the World Bank Group’s private sector development arm.
  • Publication
    Managing for Learning: Measuring and Strengthening Education Management in Latin America and the Caribbean
    (Washington, DC: World Bank, 2021-04-28) Adelman, Melissa; Lemos, Renata
    How can countries make sustainable gains in student learning at scale? This is a pressing question for Latin America and the Caribbean (LAC) – and the developing world more broadly – as countries seek to build human capital to drive sustainable growth. Significant progress in access has expanded coverage such that nearly all children in the region attend primary school, but many do not gain basic skills and drop out before completing secondary school, in part due to low-quality service delivery. The preponderance of evidence shows that it is learning – and not schooling in and of itself – that contributes to individual earnings, economic growth, and reduced inequality. For LAC in particular, low levels of human capital are a critical factor in explaining the region’s relatively weak growth performance over the last half century. The easily measurable inputs are well-known, and the end goal is relatively clear, but raising student achievement at scale remains a challenge. Why? We propose that part of the answer lies in management – the processes and practices that guide how inputs into the education system are translated into outputs, and ultimately outcomes. While management (and related concepts, such as institutions, governance, or leadership) is often mentioned as an important factor in education policy discussions, relatively little quantitative research has been done to define and measure it. And even less has been done to unpack how and how much management matters for education quality. In this study, we begin filling these gaps, with new conceptual and empirical contributions that can be synthesized in four key messages: (1) Student learning is unlikely to improve at scale without better management. (2) Management affects how well every level of an education system functions, from individual schools to central technical units, and how well they work together. (3) Management quality can be measured and should be measured as a catalyst for improvement. (4) Several pathways to strengthening management are open to LAC countries now, with the potential for significant results. The study elaborates on each of these messages, synthesizing recent data and research and presenting the results of six new papers written to inform this report. The target audience for the Executive Summary is policymakers across LAC (and beyond) who are seeking approaches to strengthening their systems at scale. The target audience for the study overall includes the researchers and technical advisors who work on topics related to education management in development organizations, governments, think tanks, and other institutions across LAC.
  • Publication
    Remarks at the Human Capital Conclave
    (World Bank, Washington, DC, 2021-04-05) Malpass, David
    David Malpass, President of the World Bank, discussed the importance of investing in human capital for a green, resilient, and inclusive recovery from the Coronavirus disease crisis. He highlighted three important measures: 1) investing in people; 2) efficient expenditures and good governance; and 3) freeing up fiscal space.
  • Publication
    Renewing with Growth
    (Washington, DC: World Bank, 2021-03-29) World Bank
    Latin America and the Caribbean suffered the largest death toll from Covid‐19 across developing regions and the sharpest decline in economic activity. With fewer school days and lower employment rates, with higher public debt and more firms under stress, the effects could be long‐lasting. The crisis also triggered large‐scale economic restructuring, with productivity higher in the expanding than in the contracting sectors. Accelerated digitization could instill dynamism in finance, trade and labor markets, but it may amplify inequality within and across the countries in the region. Technology could transform the energy sector as well. Latin America and the Caribbean has the cleanest and potentially cheapest electricity generation matrix of all developing regions. But its electricity is the most expensive, due mainly to inefficiencies. Distributed generation within countries and electricity trade across countries, could make energy greener and cheaper, provided that the pricing is right.
  • Publication
    Women, Business and the Law 2021
    (Washington, DC: World Bank, 2021-02-23) World Bank
    Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. The project presents eight indicators structured around women’s interactions with the law as they move through their lives and careers: Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and Pension. This year’s report updates all indicators as of October 1, 2020 and builds evidence of the links between legal gender equality and women’s economic inclusion. By examining the economic decisions women make throughout their working lives, as well as the pace of reform over the past 50 years, Women, Business and the Law 2021 makes an important contribution to research and policy discussions about the state of women’s economic empowerment. Prepared during a global pandemic that threatens progress toward gender equality, findings on government responses to COVID-19 and pilot research related to childcare and women’s access to justice.