Private Sector Development, Privatization, and Industrial Policy
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Publication
Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence: Country Private Sector Diagnostic
(World Bank, Washington, DC, 2022-07)Sri Lanka is a country of paradoxes. With the lowest poverty rates, best social indicators, and highest per capita income in South Asia, Sri Lanka’s economic performance since independence had generally been hailed as a success before the current debt crisis. However, past performance occurred amidst many distortions and an economy less open than its peers, largely reflecting the strong involvement of the state in the economy. Even if this interventionist model of economic policy and the presence of many state-owned enterprises (SOEs) served the country well through the years of conflict and their aftermath, it is no longer sustainable. Indeed, after the rapid growth of the peace dividend in the years post-2009, the economy has faltered and progress on social indicators has stagnated. Many of market distortions remain and have been exacerbated by COVID-19. Understanding how, despite these handicaps, Sri Lanka achieved positive economic and social outcomes in the past provides the building blocks of a realistic, forward-looking growth strategy, one of the objectives of this Country Private Sector Diagnostic (CPSD). The research for this report was conducted prior to the current crisis, but the recommendations remain relevant to implementing public policies that will support private sector-led inclusive and sustainable growth. -
Publication
Gearing Up for the Future of Manufacturing in Bangladesh
(World Bank, Washington, DC, 2021-06-21)Labor-intensive, export-oriented manufacturing driven by the ready-made garments industry has transformed Bangladesh's economy. But with automation, changing trade patterns and servicification reducing the importance of wage costs globally, the creation of more sustainable jobs in the manufacturing sector now needs the upgradation of firms' capabilities and technology adoption. Drawing on the World Bank's "Bangladesh Firm-level Adoption of Technology Survey", this report shows that there is significant scope to improve the manufacturing sector's performance and future prospects by promoting the adoption of better technologies in firms. It discusses how Bangladesh can achieve this aim through policies that address informational barriers to the acquisition of capabilities in firms, leverage international connectivity for technology diffusion, and strengthen key markets and institutions that underpin firms investment in technology. -
Publication
Creating Markets in Nepal: Country Private Sector Diagnostic
(International Finance Corporation, Washington, DC, 2018-11)The purpose of this Country Private Sector Diagnostic (CPSD) is to assess opportunities and constraints holding back private sector growth. It conducts a diagnostic of the main cross-cutting constraints to private sector competitiveness and growth through data analysis, synthesis of existing research and stakeholder consultations. This exercise also identifies sectors that could play a key role in enabling Nepal’s growth, by either enabling other sectors or capitalizing on Nepal’s inherent comparative advantage to tap global markets. Sector deep dives help identify private sector constraints specific to these sectors, including sector-specific manifestations of cross-cutting constraints. The CPSD analysis finally identifies key recommendations on policy reforms and investments in public goods (including public-private partnerships) that could enable growth of a competitive private sector. -
Publication
Enhancing Competitiveness in Sri Lanka
(World Bank, Washington, DC, 2016-06)Sri Lanka needs to address new challenges if it is to sustain its strong record of economic growth and poverty reduction. The country has in many respects been a development success story, with average growth exceeding 6 percent and a threefold decline in poverty using the national poverty line over the past 10 years. However, low productivity, high reliance on non-tradable sectors and a stale export basket highlight the need to enhance private sector competitiveness as a way to create one million new jobs. The Government of Sri Lanka (GoSL) has recognized the need to adopt a policy agenda that strengthens the competitiveness of the country’s private sector in order to achieve inclusive and sustainable growth. The new Government has emphasized the need to realize Sri Lanka’s trade potential as a way to accelerate the transformation of the economy and generate new and more attractive opportunities for Sri Lanka’s labor force.Unleashing the competitiveness potential of Sri Lankan enterprises will require addressing a wide range of factors. this note focuses on opportunities to improve areas directly impacting the competitiveness of the private sector, including streamlining the regulations governing the activities of the private sector to reduce the cost of doing business; strengthening trade policies to eliminate biases against exports; enhancing trade facilitation to reduce the costs and time it takes to export; enhancing the ability of the country to attract, retain and integrate FDI; enhancing innovation and entrepreneurship and strengthening accessibility to financial services. It is important to note, that there are small islands of Research and Development (R&D) progress in Sri Lanka. Going forward, as Sri Lanka aspires to become a higher middle income economy driven by higher addedvalue exports, major reforms will be required in its investment climate; investment, innovation andtrade policies and the efficiency of the institutions governing the activities of domestic and foreign firms.This note summarizes the main findings of this work and outlines options forimplementation of reforms needed. -
Publication
Islamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations
(Washington, DC, 2014-03)The diagnostic review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework in four segments of the financial sector: banking, microfinance, securities, and insurance. The review took place in response to a request for World Bank technical assistance in the field of financial consumer protection made by Pakistan's Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP). The review consists of two volumes. Volume one summarize the key findings and recommendations of the review and Volume two presents a detailed assessment of each financial segment compared against the good practices for financial consumer protection. The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one. -
Publication
The Afghanistan Investment Climate in 2008 : Growth Despite Poor Governance, Weak Factor Markets, and Lack of Innovation
(World Bank, 2009-08-12)This survey report will help the government of Afghanistan think through its approach to private sector development. Historically, there has been a dearth of information and reliable statistics about Afghanistan's economy. This report reviews the constraints that firms currently operating in Afghanistan face and provides a basis for possible policy recommendations to address these constraints. It is hoped that the report will be a useful tool to support investment climate reforms and enhance the private sector dialogue in Afghanistan. The report also identifies a group of emerging issues that include the interlinked issues of competitiveness, innovation, and diversification. Despite strong growth, policymakers should be concerned about the lack of entry of new firms, especially foreign firms, and the lack of innovative behavior. These two factors indicate a lack of competitiveness and warrant further research. An undiversified manufacturing sector that is overwhelmingly linked to the agriculture and agro-processing sectors are also of concern. The strong growth trend itself needs more evaluation. A country that has weak governance, poor factor markets, and firms that are not innovative is unlikely to achieve sustainable long-term growth. The report discusses the issues noted above, summarizes the status of reforms, and suggests some next steps, including further analytic work on a number of topics, public private dialogue on certain issues, and stronger government reform efforts. -
Publication
Pakistan Labor Market Study : Regulation, Job Creation, and Skills Formation in the Manufacturing Sector
(Washington, DC, 2006-09)In an effort to improve employment outcomes and industrial productivity, the Government of Pakistan (GoP) has launched a dual-track reform process involving broad-based overhaul of labor laws and institutions, and expansion and reform of the Vocational and Technical Training (VTT) system. Labor market regulation and laws are useful economic and social institutions designed to protect workers from undesirable consequences of market failure such as arbitrary or discriminatory actions by employers. They also help stabilize employment and household incomes against aggregate business cycles and shocks. Labor regulation is also an important element of society's instruments for the provision of social security and the maintenance of health, safety, and environmental standards in economic activities. Labor regulation in Pakistan is excessive by international standards, as can be seen from data on a number of indicators of labor market flexibility. All things considered, Pakistani industry and workers will seem to be better off with a more flexible labor market. The report analyzes the existing labor laws and institutions, along with the new draft laws, from this point of view. It also provides a review of the current VTT system and changes for it.