Author Archives: WorldBankBlogs
4 unprecedented disruptions to the global financial system Climate change, migration, correspondent banking and cybercrime are putting unprecedented and unforeseen pressures on global financial markets. They aren’t just disrupting the global financial system, but also affect how we approach international development work. Let’s examine each trend: “Greening the financial sector” is the new buzz term to finance a transition toward a climate-resilient economy and to help combat climate change. This topic is now getting a lot of attention from the G20 to the Financial Stability Board. The international community is trying to understand what this transition will imply: how resilient the financial sector is to deal with risks stemming from climate change, and how efficiently the financial sector can allocate financial resources.
ASHGABAT, TURKMENISTAN – There are 1.25 million lives lost in road accidents annually—90% of these in low -income countries. Air pollution leads to around 6.5 million deaths each year. And almost 25% of energy-related greenhouse gas emissions come from transport systems. To ensure a sustainable future for this planet, the transport sector must undergo a massive transformation.
Every place where I travel in Africa and Asia I hear stories about the dramatic loss of wildlife and the destruction of ecosystems and habitats. Most recently, while attending the third high-level Conference on Illegal Wildlife Trade in Hanoi that was attended by heads of states and delegates from 54 countries and international organizations, the World Bank’s Vietnam Country Director Ousmane Dione shared his own personal story on the disappearance of wildlife. In Ousmane’s home country of Senegal, the lion is a national symbol, displayed on the coat of arms, the President’s exclusive seal, and is even the namesake of the national soccer team: The Lions. However, in the past 20 years, 80% of the lions in West Africa have been lost and in Senegal a mere 16 lions remain relegated to the Niokolo Koba National Park where their prey is diminishing as a result of the bush meat trade and competing resources with grazing livestock. Ousmane fears his children will never see a lion in their native country
We are all too aware that difficult times lie ahead for coastal communities. Coastal erosion, especially in West Africa, has already displaced communities, with economic losses costing about 2.3% of GDP in Togo alone. In the past 60 years, sea temperatures in the Western Indian Ocean increased 0.6 C, triggering mass coral bleaching and deadly climate-related disasters across the region. The economic cost of the 1998 coral bleaching event to Zanzibar and Mombasa was in the tens of millions of dollars. The natural cost is still unknown
I was surprised at how easy it was for me to get married. There were a few bureaucratic hurdles to get a marriage license, and then we had a sentimental ceremony with an officiant and witnesses followed by a party for friends and family. That was it. We were legally married. No one told me that getting married would affect my future property rights.
We are at the cusp of entering an era of increased mobility. Photo © Dominic Chavez/World Bank Stories and anecdotes of how migrants contribute to our economies are everywhere. A recently released McKinsey Global Institute report put some numbers to it. Migrants account for only 3.4% of the global population but produce 9.4% of the world output, or some $6.7 trillion. That’s almost as large as the size of the GDP of France, Germany and Switzerland combined
We live in an inter-connected, data-driven world. Investors, like many other professionals, rely more and more on data to make informed decisions on where, when, and how they should invest their money. But, as I discussed in a recent blog, a number of commercial dashboards are aiming to close this gap, with information on infrastructure projects that need financing in emerging markets. These and other specialized commercial databases are trying to map the market, giving investors tools to identify investment-ready opportunities with the best chance of a sizeable return.
Story of IDA: It’s Possible to End Poverty I recently watched a remarkable work of art take shape. A mural depicting the story of the IDA, the World Bank’s fund for the poorest, brings to life the many transformative changes the world has seen since IDA’s founding in 1960. The “green revolution” staved off widespread famine in South Asia in the 1970s. The Montreal Protocol protected the world’s ozone layer.
Source – It’s time to make public financial disclosure efficient and effective