11. Multilingual Content

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Bulgaria - Country Partnership Framework for the Period FY25-FY29
(Washington, DC: World Bank, 2025-01-17) World Bank
Bulgaria has undergone a remarkable transformation over the past three decades. Despite this transformation and although European Union (EU) membership in 2007 raised expectations of living standards rapidly converging to EU levels, progress on a range of development challenges has been uneven. Bulgaria remains the most unequal country in the EU, with spatial disparities visible across a range of outcomes and inequality of opportunity reducing human capital potential. Economic productivity and social inclusion are hampered by skill shortage and institutional and governance weaknesses. The Country Partnership Framework (CPF) FY25-29 sets a new direction for World Bank Group (WBG) engagement in Bulgaria through a sharpened focus on climate and digital development, while maintaining the emphasis of the previous CPF on institutions and people for enhanced competitiveness and inclusion. It responds to the country’s evolving development opportunities and challenges while building on achievements and lessons from the previous CPF. This CPF is selective and prioritizes two high-level outcomes (HLOs): (i) enhanced competitiveness and social inclusion; and (ii) a low-carbon and more sustainable economy. This CPF employs a knowledge-based approach yet provides Bulgaria with access to the full range of WBG instruments, including financing. The CPF builds on lessons from the previous CPF FY17-22 and the FY23 and FY24 implementation years.
China Economic Update, December 2024: Reviving Demand, Regaining Momentum
(Washington, DC: World Bank, 2025-01-16) World Bank
China’s gross domestic product (GDP) growth has moderated since the second quarter of 2024, owing to subdued domestic demand. The government has responded to the domestic demand slowdown with incremental policy stimulus, balancing short-term growth support with longer term de-risking objectives. While monetary policy has been eased, its impact has been constrained by subdued credit demand. Despite lower down payment ratios and mortgage rates, state-financed purchase of housing inventories, and liquidity support to developers, the property sector remains weak in the face of dampened housing demand. The outlook is subject to domestic and external risks. Domestically, a more persistent downturn in the property sector could further temper investment and local government revenues. Tighter local government financing, in turn, can lead to under-execution of fiscal policies, dampening growth. China’s growth slowdown is partly driven by structural factors, such as structurally low consumption, high property developer and local government debt, and an aging population. Addressing these challenges requires structural reforms to address vulnerabilities and sustain growth. Key priorities include (i) fostering domestic demand by strengthening social safety nets, redirecting fiscal resources to social spending, and promoting market-oriented reforms to encourage private sector investment; (ii) supporting a sustainable property sector recovery by addressing shortcomings in the property financing mechanism and resolving the sector’s debt overhang; and (iii) managing local government financial risks through reform in the fiscal framework and medium-term subnational fiscal consolidation.
São Tomé and Príncipe - Unpacking Migration Dynamics: Critical Issues and Policy Recommendations
(Washington, DC: World Bank, 2025-01-16) Monsalve Montiel, Emma Mercedes; Kroll, Guillaume; Barros Barbosa, Barbara; Mawete, Delfim Mampassi E. Martins; Boly, Mohamed
São Tomé and Príncipe (STP), a lower-middle-income small island nation, is undergoing a significant wave of emigration, primarily driven by limited job opportunities and economic prospects, particularly among younger generations. This paper explores migration's drivers, dynamics, and impacts on the country’s economy and social fabric, drawing on a combination of primary and secondary data sources. These include local emigration records, the national social registry, the latest household budget survey, global estimates of migrant stocks and remittance flows, and focus group discussions with migrant families. The findings reveal that at least 18 percent of STP’s population now resides abroad, with numbers growing rapidly. Migration is increasingly dominated by young individuals moving to Portugal, attracted by shared linguistic and cultural ties and facilitated by a recent Community of Portuguese Language Countries mobility agreement. However, migration currently delivers limited economic benefits to STP, as remittances are low, irregular, and constrained by high transfer costs, inadequate financial infrastructure, and migrants’ precarious employment abroad. Socially, migration may also disrupt family structures, particularly affecting children who face challenges in care and emotional wellbeing. Policy recommendations include enhancing migrants’ employability, exploring bilateral migration partnerships, strengthening migration management systems, improving remittance services, and supporting families who remain in the country through social assistance.
How to Maximize the Impact off Adaptive Social Protection in Contexts of Fragility, Conflict, and Violence: Four Operational Lessons from Burkina Faso and Cameroon
(Washington, DC: World Bank, 2025-01-14) Saidi, Mira
In recent years, violent conflict has spiked significantly, affecting low-income countries in particular, and shaping an increasingly complex fragility landscape. By 2030, over half of the world’s extreme poor are expected to live in countries experiencing fragility, conflict, and violence (FCV). Conflict and poverty are strongly interconnected; not only does conflict compound experiences of poverty, but economic instability, resource scarcity, and state weakness also exacerbate conflict dynamics. In the Sahel, one of the poorest and most conflict affected regions in the world, countries additionally face high vulnerability to climate change and other shocks, and a growing influx of refugees and internally displaced persons (IDPs) is placing further strain on limited services and resources.
Vietnam Macro Monitoring, December 2024
(Washington, DC: World Bank, 2025-01-13) World Bank
Industrial production improved in November 2024, driven by an increased production of key export and manufactured products. While staying in expansionary territory, Vietnam’s PMI inched down slightly from 51.2 in October to 50.8 in November as the growth of new orders softened. Exports and imports growth continued to slow, driven by a contraction of tech exports (phones and equipment) and a small deceleration of non-tech exports (including footwear and textiles) due to weaker global demand and lingering supply chain disruptions caused by typhoon Yagi. Year-on-year export growth moderated from 10.2 percent y/y in October to 8.2 percent y/y in November. Mirroring the moderation of export growth, import growth decelerated from 13.6 percent y/y in October to 9.8 percent y/y in November. The trade balance registered a small surplus of 1.1 billion US dollars in November 2024 and totaled US 23.8 billion dollars in the first 11 months of 2024. Revenue collection during the first 11 months of 2024 was 16.1 percent higher than during 2023 due to improved economic activities. Revenue collection reached 106.1 percent of what had been planned for 2024. The public investment disbursement rate accelerated from 52.3 percent of the Prime Minister’s approved budget allocation in October 2024 to 73.5 percent in November 2024. However, it remained slightly below the 76.5 percent disbursement rate from the same period of last year.
At Your Service?: The Promise of Services-led Growth in Uzbekistan
(Washington, DC: World Bank, 2025-01-07) World Bank
In Uzbekistan, the services sector accounts for more than half of all jobs and has been central to the process of structural transformation over the past three decades. In the past decade, the growth of Uzbekistan’s services exports has lagged behind its manufactures' exports while FDI greenfield announcements to both sectors have been even. The growth of the services sector in the past five years was driven by social services, mostly reflecting increased public spending. This report groups the services sector into four categories based on their skill intensity, the extent of their linkages with other sectors, and their tradability in international markets: low-skilled consumer services, low-skilled enabling services , global innovator services. Of these groups, social services accounted for three-fourths of employment growth in the services sector between 2017–2022. These services also experienced relatively high rates of labor productivity growth, which was largely driven by higher public spending on wages and salaries.
Cabo Verde Circular Economy Diagnostic, September 2024
(Washington, DC: World Bank, 2025-01-07) World Bank
This report identifies circular economy (CE) opportunities in the tourism sector in Cabo Verde, The Gambia, and Säo Tomé & Principe. The project focuses on enhancing circularity by advocating for policy changes, phasing out single-use plastics (SUP), and promoting innovative infrastructure and sustainable financing solutions. The Cabo Verde report provides a thorough diagnostic to identify opportunities and gaps within key infrastructure systems, including materials, waste, energy, and water, tailored to Cabo Verde's unique geographic and economic context. It includes firm audits and an extensive market assessment to determine the scope and size of CE products within the tourism industry. The report also outlines the results of the Multi-Criteria Analysis (MCA) to prioritize prospective business cases for further evaluation of their financial and technical viability. Additionally, it presents an overview of the Institutional & Regulatory Analysis and Roadmap, highlighting key market opportunities such as in-vessel composting, large water dispensers, rooftop solar PV, and greywater recycling. The findings emphasize the potential for CE interventions to foster economic growth, environmental sustainability, and resilience in Cabo Verde's tourism sector.
São Tomé and Príncipe Circular Economy Diagnostic
(Washington, DC: World Bank, 2025-01-07) World Bank
In Säo Tomé and Principe, tourism is seen as a crucial sector for driving economic growth. Sustainable tourism is prominently featured in various diagnostic reports and national strategies concerning Säo Tomé and Principe. The World Bank's Systematic Country Diagnostic underscores the importance of targeting luxury markets for development. These markets can yield higher revenue per visitor and can address both environmental concerns and the challenges posed by the country's limited and expensive connectivity. The strategic focus on sustainable tourism in Säo Tomé and Principe revolves around capitalizing on its natural assets while maintaining environmental considerations, strengthening local supply chains, and improving ecosystem protection and management. These measures not only support economic growth but also contribute to the resilience and long-term prosperity of the nation.
Libya Economic Monitor, Fall 2024: Stabilizing Growth and Boosting Productivity
(Washington, DC: World Bank, 2025-01-06) World Bank
Libya’s economic outlook relies heavily on the oil and gas sector, which constitutes a significant portion of its GDP, government revenue, and exports. With oil production expected to average 1.1 mbpd in 2024, GDP is anticipated to shrink by 2.7 percent this year. As oil output recovers in 2025 and 2026, reaching 1.2 and 1.3 mbpd, respectively; GDP growth is expected to rebound to 9.6 percent and 8.4 percent in 2026. Meanwhile, non-oil GDP growth is estimated to grow by 1.8 percent in 2024 supported by private and public consumption, and average around 9 percent during 2025–2026 to reflect strong recovery in oil exports. Despite the fall in oil revenues in 2024, both the fiscal and external balances surpluses are expected to widen to 1.7 and 4.1 percent of GDP, respectively, due to contractionary public and capital spending and falling imports. The outlook is subject to significant downside, as well as upside risks. The recent CBL crisis highlights the fragility of the political situation which had a direct short-term impact on the economy. Prospects for political stability and consensus would be a major upside for the Libyan economy and citizens. In the medium term, the main challenge remains economic diversification and reducing dependence on hydrocarbons. Lower oil prices not only reduce government revenues but would also add fiscal burden through higher cost of subsidies. Intensification of regional conflicts in the Middle East may disrupt trade, FDI, and financial flows but may also create revenue windfalls for Libya through higher oil prices. Extreme climate events may cause loss of human lives, severe damage to infrastructure, lower growth, and financial instability. The Special Focus Section “Stabilizing Growth and Boosting Productivity” provides an overview of Libya’s past drivers of economic growth and productivity trends. For over a decade now, the conflictual transition has had a devastating impact on the Libyan economy, estimated at US$600 billion in constant 2015 dollars. In 2023, Libya’s GDP absent the conflict is estimated to be 74 percent higher than the realized GDP. The high reliance on the oil sector, weak diversification, low and falling productivity owing to inefficient allocation of labor and capital, and deteriorating health and education quality are some of the key challenges that are holding back Libya’s long term prosperity. In the short-term, priorities should be enhanced security, governance and stability. With GNI per capita at $7,570 (2023), Libya is classified as an upper-middle-income country, however, it falls behind its peers on most development indicators. With the global transition to cleaner and greener energy, Libya’s growth strategy should focus on promoting non-oil sectors with high value-added job opportunities to maintain its upper-middle-income status. This could be achieved by promoting private sector-led growth.
Kazakhstan Poverty and Equity Assessment 2024
(Washington, DC: World Bank, 2025-01-06) World Bank
The economy of Kazakhstan has performed strongly since the turn of the century, growing at an annual rate of 4.7 percent from 2006 to 2021. Sustained economic and productivity growth brought higher incomes and a period of prosperity. Between 2006 and 2021, the per capita gross domestic product (GDP) (in constant LCU) rose from 548,912 to 791,285 tenge, and household consumption per capita (in constant LCU) rose from 279,891 to 500,529 tenge. As poverty fell and living standards rose, the country transitioned from lower-middle-income to upper-middle-income status. Disparities persist, although poverty fell significantly in all regions of Kazakhstan. The demographic profile of poverty has also changed, as poor people are now more likely to be younger, less educated, and have larger families. Chronic poverty, defined as consistent poverty over time, also decreased significantly, with rates of chronic poverty dropping by 37 percent (from 8.4 to 5.3 percent) between 2011-13 and 2019-21. The main driver of poverty reduction has been consumption growth. Income inequality has increased since 2016 but remains low relative to other upper-middle-income countries.