Private Sector Development, Privatization, and Industrial Policy

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Creating Markets in Sri Lanka : Private Sector-Led Inclusive Growth from Islands of Excellence: Country Private Sector Diagnostic
(World Bank, Washington, DC, 2022-07) International Finance Corporation
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.
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) International Finance Corporation
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.
Creating Markets in Mali: Mobilizing the Private Sector for Economic Resilience and Recovery - Country Private Sector Diagnostic
(World Bank, Washington, DC, 2022-04) International Finance Corporation
Until the onset of the coronavirus disease 2019 (SARS-CoV2) COVID-19 pandemic and despite the deteriorating security situation, Mali’s economic growth averaged five percent since 2014, on par with its long-term potential. Mali’s fragile state status has also taken a toll on economic activity and social welfare by reducing access to markets, threatening food security, and degrading human capital indicators. With an increasing debt burden resulting in limited fiscal space to address persistent security risks and to combat the COVID-19 pandemic, the government of Mali is compelled to refocus the role of the state and unleash the potential of the private sector to boost productivity growth, to diversify the economy away from a narrow base, and to ensure inclusive economic and social welfare for all Malians. The growth model will be readdressed around energizing investment, creating resilient markets, and building back better for a more resilient recovery via (a) improving the business environment; (b) crowding-in private participation in the delivery of infrastructure and certain public services; (c) ensuring that remaining state-owned enterprises and private firms compete on equal terms - that is, upholding competitive neutrality principles; (d) expanding public-private partnerships in key sectors, through transparent and competitive procurement; and (e) leveraging digital solutions by further enhancing digital infrastructure that would, in turn, increase the uptake of digital financial services and digital platforms for key sectors of the economy, such as agriculture, and digitize government services (e-government).
Creating Markets in Madagascar: For Inclusive Growth - Country Private Sector Diagnostic
(World Bank, Washington, DC, 2021-12) International Finance Corporation
The report is organized as follows: the first part gives an overview of recent economic and private sector trends, followed by an in-depth review of the cross-cutting constraints that affect private sector participation. The CPSD recommends putting a special focus on resolving three types of constraints: (a) deep-rooted governance issues (especially as they relate to policy unpredictability, red tape, and the uneven playing field in key sectors of the economy); (b) infrastructure bottlenecks, focusing on transport connectivity and energy; and (c) limited and poorly functioning factor markets for human capital, access to finance, and land. The second part lays out opportunities and policy options to strengthen competitiveness in agribusiness, apparel, and tourism. The three sectors reviewed are deemed to hold a high potential for job creation and growth and have been prioritized by the PEM and by the private sector stakeholders and development partners consulted for the report. The review puts a lens on addressing gender gaps, policies to promote sustainability, and opportunities to increase the impact of information and communication technology (ICT) as an enabler for development, where relevant.
Creating Markets in Mozambique: A study conducted by the World Bank Group in partnership with SIDA - Country Private Sector Diagnostic
(World Bank, Washington, DC, 2021-06) International Finance Corporation
The Country Private Sector Diagnostic (CPSD) is a joint IFC-World Bank diagnostic that aims to make concrete recommendations for crowding-in private sector investment and financing in client countries. The CPSD analyzes the country context, including the state of the private sector, and identifies cross-cutting as well as sector-specific opportunities and constraints. The analysis presented in the Mozambique CPSD will feed into various upcoming World Bank Group (WBG) engagement reports for the country, including the IFC country strategy and the WBG Systematic Country Diagnostic (SCD). Similarly, it is expected that the CPSD will be of interest to the government, the private sector, and other development partners. Policy makers in Mozambique can take advantage of the CPSD to undertake reforms for improving the opportunities for private sector investment in priority economic sectors. The CPSD seeks to provide answers to the main development questions for private sector development in Mozambique, including which traded sectors, beyond extractives, have the most potential to drive growth and productive employment, and what reforms are needed to support this change.
Creating Markets in Malawi: The Road to Recovery : Turning Crisis into Economic Opportunity - Country Private Sector Diagnostic
(World Bank, Washington, DC, 2021-06) International Finance Corporation
Malawi is at a turning point in its political, social, and economic trajectory. Lazarus Chakwera was sworn in as Malawi’s sixth president in June 2020. This marked a historic moment: the first time in Africa that an opposition candidate won a presidential election following initial results being overturned. After widespread unrest prior to the election, Malawians, especially the youth, have been demanding greater accountability, an end to corruption, and tangible progress on eradicating persistent poverty levels that exceed 70 percent of the population. The average gross national income (GNI) of a Malawian is the third lowest in the world, just US$380 as of 2019. The Chakwera administration will need to find a way to unify the country’s fractured political landscape and deliver on development promises. On top of these challenges, the new administration must also navigate the ongoing and evolving economic shocks of the COVID-19 pandemic. Gross domestic product (GDP) growth expectations for 2020 have been lowered from 4.8 percent to 0.8 percent. Recent efforts to build fiscal and institutional resilience have helped but need to be strengthened. The pandemic’s fallout has weakened the country’s macroeconomic foundations, and the overall risk of debt distress is now high. Meanwhile, human capital gains are at risk. Poverty reduction is expected to stagnate, and overall poverty could potentially worsen. The pandemic will likely exacerbate existing inequalities in economic opportunities for women. Women-owned firms, for example, are primarily concentrated in informal agriculture and services, sectors that lack basic social protections to buffer against economic distress. Female farmers, for example, generally have lower access to productive inputs, information, and liquidity than male farmers, so in times of crisis, their farm productivity and food security can be hit harder.
Creating Markets in Kenya: Unleashing Private Sector Dynamism to Achieve Full Potential
(International Finance Corporation, Washington, DC, 2019-07-31) International Finance Corporation
Kenya has the opportunities and resources to stimulate sustainable economic growth and development, but its potential has been constrained by under-investment and low firm-level productivity. Altogether, its development has not been sufficiently sustainable or equitable to transform the lives of ordinary citizens. Poverty remains high, with thirty-six percent of Kenyans living under the national poverty line, whereas the richest ten percent of the population receive forty percent of the nation’s income. This country private sector diagnostic (CPSD) sheds light on how the private sector can more effectively contribute to advancing the country’s developmental goals. Applying a sectoral lens, it puts forward operational recommendations highlighting strategic entry points for diversification and growth and addresses key constraints to private sector engagement. It also seeks to inform World Bank and IFC strategies, paving the way for joint programming to create markets and unlock private sector potential.
Creating Markets in Angola: Opportunities for Development Through the Private Sector
(International Finance Corporation, Washington, DC, 2019-04-01) International Finance Corporation
This Country Private Sector Diagnostic (CPSD) identifies opportunities to stimulate sustainable economic growth and development by harnessing the power of the private sector in Angola. Applying a sectoral lens, it leverages the private sector’s knowledge and experience to accelerate transformational investment. It also puts forward operational recommendations highlighting strategic entry points for diversification and growth, while addressing key constraints to private sector engagement. The CPSD discusses implementation principles inspired by international good practices. It informs World Bank and IFC strategies, paving the way for joint programming to create markets and unlock private sector potential.
Creating Markets in Rwanda: Transforming for the Jobs of Tomorrow
(International Finance Corporation, Washington, DC, 2019-03) International Finance Corporation
Rwanda has made unsurmountable strides along its development path. Rwanda has placed among the world’s fastest-growing economies, climbing the development ladder from second-poorest in the world in 1994 to sit ahead of nineteen other countries. Today, job creation lies at the heart of Rwanda’s development challenge. The government of Rwanda (GoR) recognizes the urgency of creating new jobs. The new thirty-year Vision for the period up to 2050, which is currently being finalized, elaborates the country’s long-term development goals. The core of transformation for prosperity is developing high-value and competitive sectors, to transition the population and economy from subsistence agriculture toward industry and high-skilled services. The purpose of the Rwanda country privates sector diagnostic (CPSD) is to identify market opportunities and constraints in sectors that advance the country’s development objectives. By assessing the landscape of private sector investment in the country, the CPSD identifies specific constraints to private sector investment and productivity growth, concrete opportunities that could materialize in the short term, and the reforms that will enable this materialization. It then discusses how specific actions by the public sector in collaboration with the private sector by filling gaps in public investment, reforming regulations, and addressing market failures could unleash sectors’ private investment potential.
Creating Markets in Nepal: Country Private Sector Diagnostic
(International Finance Corporation, Washington, DC, 2018-11) International Finance Corporation
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.