Publication: India Development Update, October 2023
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2024-07-24
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2024-07-24
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Global economic growth is set to slow in 2023, compared with the previous year. Continued high inflation and the effects of monetary policy tightening added pressures to economic growth over the short term, particularly in the Europe. The fading rebound of economic activities from the pandemic, combined with fragilities in the real estate sectors, has eroded growth in China. While the growth outturn in the US over the first half of 2023 has been stronger than expected, demand is weakening amid exhausting excess savings accumulated during the pandemic; tightening credit conditions; and the banking sector turmoil earlier this year. Nevertheless, in contrast to softening global manufacturing activities, service sectors experienced solid growth in the past year, as measured by Purchasing Managers’ Indices (PMI). As a result, India, as a large service exporter, showed relative resilience against the challenging external conditions: India remained one of the fastest growing major economies in the world; in FY22/23, its GDP expanded by 7.2 percent, with robust growth in domestic demand bolstered by strong investment activity and solid private consumption. Net exports especially goods exports, however, were a drag on growth amid weakening global demand weighing on India’s merchandise exports and resilient domestic demand pushing up imports.
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“World Bank. 2024. India Development Update, October 2023. © World Bank. http://hdl.handle.net/10986/41948 License: CC BY-NC 3.0 IGO.”
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The current situation is unlikely to place an insurmountable stress on the economy, but it does offer an opportunity for measures to strengthen the business environment, attract more Foreign Direct Investment (FDI), and increase productivity. The rupee depreciated sharply in May-August 2013, mainly caused by market fears of an early end to the Federal Reserve's stimulus program. As global investors shifted funds into US treasuries, the May-August fall in the rupee closely mirrored movements in other emerging market currencies and US T-bonds. The current account deficit moderated and exports performance improved. After reaching a record high of 6.5 percent of Gross Domestic Product (GDP) in the third quarter FY2013, the current account deficit improved to 3.6 percent of GDP in the fourth quarter. The decline in poverty has accelerated, but vulnerability remains high. 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The report is based on the recently improved and nationally representative Family Budget Survey (FBS) (2000/01) carried out by the Uzbek statistical authorities. Since 2000/01 was the first year of implementation of the revised nationally representative survey, the new survey is considered by the Statistical Authorities to be a pilot. This is also the first time the data have been used for poverty analysis, and the exercise has yielded important feedback for further strengthening the survey. Despite these important caveats, the FBS does provide the first comprehensive information on living standards in the country, and represents the best available information at this time. Results that appear to contradict conventional wisdom cannot be rejected a priori, since they represent the responses of about 10,000 households. They must be verified with future rounds of the survey as well as special studies. In addition to the FBS, the report uses other sources of information, including surveys of firms, farms, institutions and individuals, as well as administrative data. The study also uses international evidence to compare and contrast Uzbekistan's living standards and policy outcomes relative to other countries, including CEE (Central and Eastern European) countries and other CIS (Commonwealth of Independent States) countries. This report comprises two volumes. This first volume provides a summary of the findings and key policy recommendations of the report, preceded first by a brief overview of the key messages. 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Forceful actions to accelerate economic development are recommended, namely, to improve public resource management, by changing the role of the public sector, towards the improvement of public expenditures, and revenue reforms. Furthermore, it is necessary to provide a level playing field for the private sector vis-e-vis public enterprises, enhancing competitiveness, and, most importantly, to establish the rule of law, in support of private sector activities. Conclusions address critical issues, such as financial sector reforms, institutional capacity building, decentralization, and the promotion of ownership, and participation.
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The CCDR also outlines a path to net zero emissions by 2050 (referred to as “with mitigation” measures, “decarbonization,” or, simply, “net zero 2050”), highlighting associated development co-benefits.Publication Jobs in a Changing Climate: Insights from World Bank Group Country Climate and Development Reports Covering 93 Economies(Washington, DC: World Bank, 2025-11-05)The World Bank Group’s Country Climate and Development Reports (CCDRs) provide a crosscutting look at how countries’ development prospects, and the job opportunities they offer to their people, can be threatened by climate impacts and supported by climate policies. Climate change and policies affect jobs through impacts on productivity, energy and material efficiency, and physical, human, and natural capital. They can also transform employment opportunities, especially through complementary measures that help workers and firms adapt to and benefit from new technologies and production practices. Prepared by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), CCDRs integrate country perspectives, climate science and economic modeling, private sector information, and policy analysis to assess how countries can successfully grow and develop their economies and create jobs despite increasing climate risks and while achieving their climate objectives and commitments. Each CCDR starts from the country’s development priorities, opportunities, and challenges, and is developed in close consultation with governments, businesses, and civil society, ensuring the recommendations reflect national priorities. By combining evidence on adaptation, resilience, and emissions pathways, CCDRs highlight where climate action can reinforce development and job creation, and where targeted policies are needed to manage risks and smooth labor market transitions. 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