Private Sector Development, Privatization, and Industrial Policy
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Publication
Creating Markets in Albania: Taking Advantage of New Trade and Investment Opportunities for a More Robust Private Sector - Country Private Sector Diagnostic
(World Bank, Washington, DC, 2022-06)Despite a challenging transition period and a string of adverse shocks, in recent decades Albania has made major strides in raising per capita income and integrating into the world economy. A dynamic private sector has become the engine of Albania’s economic development, and its increasing role continues to offer opportunities for expanding the country’s economic base and promoting faster and more diversified export-oriented growth. Albania is endowed with considerable economic assets, including a strategic geographical position, exceptional natural beauty, and abundant renewable and nonrenewable resources. A politically stable environment, improving governance indicators, and a record of dependable macroeconomic policies have supported the process of European Union (EU) accession, which offers a wide array of opportunities for the development of the Albanian private sector. Because a small domestic labor pool and consumer market limit the potential for economies of scale, sustaining Albania’s economic expansion will require intensifying its integration with the global economy. Despite decades of progress, Albania continues to face serious structural and policy challenges. The country’s economic expansion has not been matched by commensurate improvements in productivity. In this context, the World Bank Group has prepared the following country private sector diagnostic (CPSD) to assist the authorities in their efforts to leverage Albania’s geographic location, natural assets, and improved institutional and policy framework to promote diversification, competitiveness, and robust private-sector-led growth. The analysis highlights the importance of improving the business environment while stepping up investments in technology and innovation. The report explores three critical sectors for accelerating and diversifying growth: agribusiness and food processing, tourism, and automotive manufacturing. -
Publication
Creating Markets in the Kyrgyz Republic: Unleashing the Private Sector to Rebuild Development Success - Country Private Sector Diagnostic
(Washington, DC: World Bank, 2021-05)This country private sector diagnostic (CPSD) for the Kyrgyz Republic assesses the barriers and opportunities for a more forceful development of the private sector in the country. Between 2000 and 2019, gross domestic product (GDP) growth rate averaged 4.4 percent, enabling the Kyrgyz Republic’s ascension to lower-middle-income country status by 2014. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. If the Kyrgyz Republic wants to inaugurate a new era of faster, more sustainable economic growth, it must more aggressively develop its private sector to support economic diversification and improve productivity. -
Publication
Ukraine : Opportunities and Challenges for Private Sector Development
(World Bank, Washington, DC, 2014-01-13)Ukraine has untapped growth potential. Ukraine has one of the most fertile agricultural lands in the world, an attractive geographical location in Europe, bordering the European Union, the largest market in the world with a Gross Domestic Product (GDP) of more than $16 trillion, and a large domestic market of almost 50 million consumers. This note argues that the stunted growth of the private sector goes a long way in explaining Ukraine's poor growth performance. The tepid private sector growth is reflected in: the stagnant structure of the country's exports, where old industries such as steel, machine building and chemicals continue to predominate, operating at low levels of industrial productivity, which has grown at a much slow pace than in peer countries in the last decade; the low inflow of high value-added Foreign Direct Investment (FDI), especially in export-oriented manufacturing; and the relatively limited role of Small Medium Enterprises (SMEs) in the development of the economy. All of these factors suggest that the market-driven process of entrepreneurship, innovation and productivity does not seem to work properly, undermining Ukraine's growth prospects. The note identifies weaknesses in the regulatory environment, limited access to finance and lack of competition as the main constraints to private sector development and offers short-and medium-term policy reform options. The note is structured as follows. The first chapter uncovers the roots of the tepid private sector growth. The following three chapters focus on the three main constraints to private sector development, reviewing weaknesses on the business regulatory framework, access to finance, and competition, and providing recommendations. The last chapter concludes. -
Publication
Romania : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Finding and Recommendations
(Washington, DC, 2009-07)The diagnostic review on consumer protection and financial literacy in Romania is the fourth in a World Bank-sponsored pilot program to assess consumer protection and financial literacy in developing and middle-income countries. The objective of this review are three-fold to: (1) refine a set of good practices for assessing consumer protection and financial literacy, including financial literacy; (2) conduct a review of the existing rules and practices in Romania compared to the good practices; and (3) provide recommendations on ways to improve consumer protection and financial literacy in Romania. The diagnostic review was prepared at the request of National Authority for Consumers Protection (ANPC), whose request was endorsed by the Ministry of Economy and Finance. Support was provided by the National Bank of Romania (BNR), which supervises banks and non-bank credit institutions. Further assistance was given by supervisory commissions for securities (CNVM), insurance (CSA) and private pensions (CSSPP). Volume one notes the importance of consumer protection and finical literacy, provides statistics on the size and growth of the retail financial sector in Romania, describes the EU and Romanian strategies on consumer protection and financial literacy, and sets out the key finding and recommendations of the review. Annex one lists all recommendation in the diagnostic review from both volumes and notes which recommendations relate to European Union (EU) Directives or European Commission (EC) recommendations and which are taken from the good practices annex two provides two sample consumer protection code: one for the banking securities, insurance and pensions sectors; and another for non-bank credit institutions. Annex three lists the key lawn and institutions related to financial consumer protection in Romania and annex four indicates which Romanian laws have incorporated the EU Directives on financial consumer protection. Volume two provides: (1) a detailed analysis of the key consumer protection issues in five segments of financial sector - banking, securities, insurance, private pensions, and non-bank credit intuitions; (2) an assessment of the Romanian consumer protection framework and practices compared to the template of good practices; and (4) a brief survey of financial literacy programs worldwide.