Sector/Thematic Studies

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Economic and Sectoral Work are original analytic reports authored by the World Bank and intended to influence programs and policy in client countries. They convey Bank-endorsed recommendations and represent the formal opinion of a World Bank unit on the topic. This set includes the sectoral and thematic studies which are not Core Diagnostic Studies. Other analytic and advisory activities (AAA), including technical assistance studies, are included in these sectoral/thematic collections.

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Developing Islamic Finance in the Philippines

(World Bank, Washington, DC, 2016-06-09) Mylenko, Nataliya ; Iqbal, Zamir

This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.
Malaysia Economic Monitor, June 2016: Leveraging Trade Agreements

(World Bank, Kuala Lumpur, 2016-06) World Bank

The MEM is the World Bank's biannual flagship publication on Malaysia. It provides analysis of recent economic developments and the near-term outlook for Malaysia. Each publication also focuses on a special topic related to Malaysia's transformation into a high-income economy. Malaysia is at the forefront of a "new generation" of trade agreements that will shape trade and investment over the next decade. The 14th MEM focuses on how Malaysia can use trade agreements to bring new opportunities to the Malaysian economy and accelerate its transition to high income status.
Lao Economic Monitor, May 2016: Challenges in Promoting More Inclusive Growth and Shared Prosperity

(World Bank, Washington, DC, 2016-05-01) Najdov, Evgenij ; Phimmahasay, Keomanivone

The Lao economy is estimated to have expanded by around 7 percent in 2015, a slight moderation from 7.5 percent in 2014. Similar to the last decade, the resource sectors (hydropower and extractives) continued to make an important contribution to growth. Power generation got a boost from the commissioning of the first two blocks of the 1,878 MW Hongsa lignite power plant and an additional 250-300 MW of installed capacity in the hydro sector. Furthermore, despite lower global commodity prices, mining output still increased as metal prices remained above the mines’ cost recovery levels. The revised State Budget Law, approved in December 2015, enhances the authority of the National Assembly in budget oversight and Ministry of Finance in budget management. In addition, with regards to anti-money laundering and counter-terrorism financing, the Government strengthened key regulations (including on forfeiture of assets, border declaration, penalties for non-compliant entities) recommended by the Financial Action Task Force (FATF), which helped remove Lao PDR from the FATF’s list of ‘jurisdictions not making sufficient progress’. The outlook will depend on the progress in the implementation of the recommendations and agreed measures. GDP is expected to expand at around 7 percent per annum as a healthy pipeline in the power sector keeps investments strong and increases electricity production and exports by almost 40 percent. Stabilization of growth rates in China and some acceleration in Vietnam and Thailand should increase demand for Lao PDR exports. On the other hand, some gradual fiscal consolidation is expected, largely through broadening the revenue base and efforts to improve efficiency in spending and should help strengthen the outlook for public debt sustainability and lower the risk of debt distress from its current level of moderate, but borderline to high.
Gender-Dimensions of Collective Forest Tenure Reform in China

(World Bank, Washington, DC, 2016-05) World Bank Group

The reform of China's collectively owned forest land, began in 2008, is arguably the largest land-reform undertaking in modern times in terms of area and people affected. Under the reform, forest lands have been contracted to rural households, allowing them more independence in exercising their rights and interests in the forest lands, giving them more opportunities to improve family incomes, and creating incentives for them to cultivate, conserve, and manage forests. These lands are home to some 610 million people, many of them poor. With urbanization, vast numbers of Chinese men have migrated to cities to work, leaving women as the predominant labor force in rural areas. Indeed, some 70 percent of China’s agriculture labor force is now female. The immense scope of this change calls for a systematic examination of how China's rural women gain access to and exploit forest land and associated resources and services. The reform was designed to unfold in two broad stages. In the first, collectively owned forest lands suitable for contracting were allocated on equal terms to each household in affected villages. The ongoing second stage represents a deepening of the reform. It deals with subsidies and ecological compensation, financial services (including use of forest tenure as collateral and transfers of forest land), forest insurance, technical services and training, farmers’ associations and cooperatives, and market services. However, the monitoring had not covered the gender dimension of the reform, meaning that the gender data required to accurately reflect the full effects of the reform have been lacking. Building on the annual monitoring conducted by the FEDRC, the study reported here added gender-related investigation and analysis to obtain gender data about the current reform situation, its problems, and their causes. It also included structured interviews with rural women and group meetings with local government agencies, women’s federations, and village committees.The ultimate objective of the study is to achieve better gender-responsiveness in China’s collective forest tenure reform. Specifically, this includes: (i) equality in access to and control of forest lands, as well as access to associated resources and services; (ii) women’s participation and equality in decision-making concerning the conservation and utilization of forest resources; and (iii) impacts of the first two aspects on the status and well-being of women. The World Bank has had over 30 years of successful cooperation with China in the forestry sector. Women’s access to the services and resources that are the focus of the second stage of the reform will be a critical element of the World Bank’s continuing reform dialogue with its Chinese partners.
Transforming Vietnamese Agriculture: Gaining More for Less

(World Bank, Washington, DC, 2016-04) World Bank Group

Over the past quarter century, Vietnam’s agricultural sector has made enormous progress. Vietnam’s performance in terms of agricultural yields, output, and exports, however, has been more impressive than its gains in efficiency, farmer welfare, and product quality. Vietnamese agriculture now sits at a turning point. The agricultural sector now faces growing domestic competition - from cities, industry, and services - for labor, land, and water. Rising labor costs are beginning to inhibit the sector’s ability to compete globally as a low cost producer of bulk undifferentiated commodities. Going forward, Vietnam’s agricultural sector needs to generate more from less. That is, it must generate more economic value - and farmer and consumer welfare - using less natural and human capital and less harmful intermediate inputs. The strategic shift was highlighted in the government’s agricultural restructuring plan (ARP), approved by the Prime Minister in June 2014. The ARP defines sector goals in terms of the triple bottom line of economically, socially, and environmentally sustainable development. It lays out expected changes in the roles and spending patterns of the government in the sector and discusses the need to work with other stakeholders, including in the private sector. It calls for an ambitious and ongoing process of learning and experimentation, and several potential directions are offered in this report.
Sanitation Marketing in Lao People's Democratic Republic

(Washington, DC, 2016-03-29) World Bank

This report summarizes the results, lessons and recommendations to the Government of Lao PDR from two Technical Assistance projects (TA) “Supporting Demand Creation for Sanitation through Community Led Total Sanitation” and “Sanitation Marketing in Lao PDR” carried out by the World Bank’s Water and Sanitation Program between October 2012 and December 2015. The development objective of the TAs was to increase improved sanitation and hygiene practices and change community behavior to achieve Open Defecation Free (ODF) status at the village level. This report documents the results and lessons learned from the TA program that includes experiences both from government-led rural sanitation service delivery within two provinces in Southern Lao PDR (Champasak and Sekong) , as well as from national-level engagement to strengthen systems, tools and capacity building approaches for scaling-up rural sanitation service delivery. The report makes recommendations to government on how - with the support of development partners – the effectiveness and scale of rural sanitation services can be increased to achieve sustainable sanitation outcomes for the rural population of Lao PDR. It also proposes recommendations for the engagement of the World Bank Water Practice in the sector in support of rural sanitation service delivery, aligned with lending operations,notably the Poverty Reduction Fund (PRF3) and the Health Governance and Nutrition Development Project (HGNDP). In addition a number of important learnings at implementation level are highlighted, so that operational processes can be improved to make last-mile delivery more effective and efficient.
A Comparative Overview of the Incidence of Non-Tariff Measures on Trade in Lao PDR

(World Bank, Washington, DC, 2016-02-29) World Bank Group

An efficient and transparent regulatory framework governing international trade is a necessary condition for countries to realize the benefits of international trade. Over the last decade, Lao PDR has been deepening its economic ties with the global economy through the formal accession to the WTO in 2013. At the regional level, the country is committed to be full member of the ASEAN Economic Community. These agreements entailed profound changes to Lao PDR’s regulatory framework governing international trade. This report provides an overview of the incidence on NTMs on import flows in Lao PDR before and after WTO accession and identifies lingering regulatory hurdles that may still hamper the ability of the country to reap the gains of a deeper integration. Employing detailed and comparable NTM information, this note characterizes the changes in the trade related regulatory framework in Lao PDR and compares the current scheme with that of other countries in Asia. The report also combines econometric estimations of Ad-Valorem Equivalents (AVEs) of NTMs with qualitative information collected through fieldwork to identify priority measure to streamline. This report is organized as follows. Section two discusses main conceptual issues and presents the data and metrics to examine the role of NTMs in import flows. Section three, describes the trade incidence of NTMs and compares it with similar countries and with the situation prior to WTO accession. Section four combines an econometric technique with qualitative information to discuss the stringency of NTMs. Section five presents some concluding remarks and provides some recommendation for reform.
Services and Manufacturing Linkages: An Empirical Analysis for Lao PDR

(World Bank, Washington, DC, 2016-02) World Bank Group

This report seeks to shed light on the ways in which the services sector has contributed to Lao PDR’s competitiveness and integration into the global marketplace. It focuses on two complementary roles that the services sector plays: first, as an avenue for export diversification and growth and, second,by providing inputs into other productive sectors of the economy, such as the manufacturing sector. As economies grow, the importance of the services sector generally increases, but its role as an enabler of other sectors of the economy in moving up the value chain is frequently overlooked. However, the services sector is critical in raising competitiveness of these other sectors to boost growth and create better quality jobs. The main policy recommendations that emerge from this report are aimed at increasing competition in the services sector, reducing distortive regulations, and opening up the sector to foreign participation, building up skills, both at the individual and at the firm level, and investing in hard and soft infrastructure to promote the development of the sector.
All Aboard!: Policies for Shared Prosperity in Myanmar

(World Bank, Yangon, 2016-01) Rab, Habib

The November 8, 2015 elections in Myanmar marked a historic milestone in the country’s political and economic transition that began in 2011. Incoming policy makers are preparing to pick up the baton and deliver on the people’s strong aspirations for a harmonious and prosperous Myanmar. In this series of policy notes, the World Bank Group seeks to promote dialogue on critical development challenges and on options for policies and reforms that can contribute to shared prosperity for the people of Myanmar. The policy notes focus on six interconnected areas that are likely to be high priorities for shared prosperity. The first is on closing the gap in access to social services for improving Myanmar’s human development outcomes. This could help to strengthen the productivity and employability of Myanmar’s current and future labor force, which is the critical input to inclusive growth and a precondition to success in all the other areas. The second policy note is on growing together by reducing poverty in rural areas. Policies to boost agriculture productivity and accelerate the delivery of essential services in rural areas, where they lag the most, could help to supply the much needed labor and food for the rapidly expanding industrial, manufacturing and service sectors.
Financing the Future: Building an Open, Modern and Inclusive Financial System

(World Bank, Yangon, 2016-01) Drees-Gross, Alexandra ; Annamalai, Nagavalli ; Wong, Sau Ngan ; Htay, Nang Htay ; De Luna Martinez, Jose ; Tanaka, Kiyotaka ; Natarajan, Harish ; Mahadevan, Balakrishnan ; Mortimer-Schutts, Ivan

Myanmar’s financial system is undergoing a rapid transformation. A history of economic isolation has left Myanmar with small and underdeveloped financial institutions and very low access to financial services. Since 2011, however, demands on the financial system have grown exponentially with increased trade and investment, growing household income, and expanding government operations. While recent reforms have stimulated financial sector growth, much more needs to be done to establish a competitive and vibrant financial sector that can meet the needs of Myanmar’s expanding economy, boost incomes, and reduce poverty particularly among those living in rural areas. Increasing access to financial services is critical to achieving shared prosperity in Myanmar.