2016 Annual World Bank Report: A Summary for Economic Development Project
The progress and achieved, strategies revised and projects undertaken by the World Bank’s efforts in the developing regions around the world relates the economic growth , education, public health and even governance. In Africa the projects centered on agricultural productivity, reliable and affordable health care, climate change and climate resilience building, support for fragile countries and those affected by conflict and human capital development. To boost agricultural productivity in Africa, the World Bank had been working on a Regional Sahel Pastoralism Support Project with an aim to enhance access to important productive services, assets and markets for pastoralists. The project covered 6 countries including Chad, Mali, Burkina Faso, Senegal and Niger so as to enhance local response to emergencies and crises affecting the pastoralists (World Bank, 2016). In Ghana, the Sankofa Gas Project has been funded by the bank to the tune of $700 million to increase access to reliable and affordable energy and in conjunction with private sector; the aim is for the project to yield fiscal returns to the country. The investment in disaster-risk management and adaptation techniques is addressed in Africa Climate Business Plan, strategy aimed at assisting countries in the region to adapt and mitigate the impacts of climate change (World Bank, 2016). To assist countries that are fragile and affected by conflict such as Madagascar and Guinea-Bissau, the bank has provided resources to be used in addressing the causes of fragility and support the countries’ transition to functioning nations. To enhance human capital development in the region, the World Bank has embarked on improving Science, Technology, Engineering and Mathematics (STEM) education to help youth gain skills necessary for the job market. The West Africa Agricultural Productivity Program helped in raising the incomes of beneficiaries, and its expansion assisted in improvement of food security for the population in the region (World Bank, 2016).
In East Asia and Pacific region, the projects mainly involves battling malnutrition so as to improve public health, enhancing the mitigation for climate change and climate mitigation and knowledge partnerships to obtain development solutions. Dealing with malnutrition involves addressing obesity and stunted growth through collaboration with various governments, private society and civil society and other development oriented partners. This has allowed for increased investment in research to assist policy response and nutrition in projects like Indonesian National Program for Community Empowerment that has led to improved child and maternal health. To enhance climate change mitigation efforts and resilience, the collaboration with aforesaid partners to develop innovative solutions that support policies for cleaner energy has been adopted. Farmers in the regions especially in Vietnam have used climate-smart ways of cultivation which has increased productivity and reduced costs (World Bank, 2016).
In Europe and Central Asia region , the development efforts has focused on macro-economic growth and economic diversification, enhancing competitiveness and good governance in countries such as Ukraine , Kazakhstan ,Serbia and Poland. The investment in public-sector governance has improved quality of services and assisted in fostering entrepreneurship, innovation and growth in private sector. By working with countries that are its clients in the region, the bank has helped in the design and implementation of reforms aimed at enhancing fiscal sustainability and pension of social protection, pensions, health care and education systems. This also includes providing advisory and analytical services to the client states. The support for energy efficiency and climate adaptation involved offering advice for policy reforms with an aim of improving energy efficiency for European Union member countries (World Bank, 2016).
In the Latin America and the Caribbean region, the progress and achieved goals relate to economic based strategies and activities. The need for increased productivity, strong business environment and firms’ more exposure to external and domestic competition has been addressed through greater allocation and level of productive skills so as to streamline regulations and enhance innovation in countries like Colombia and Peru. It also includes improving public education quality and business environment to improve productivity. There has been development of an infrastructure that is more sustainable enhanced by World Bank’s provision of technical and lending assistance for metro systems and modernized grid systems that help in saving energy. The protection of vulnerable and poor population against economic slowdown and building of human capital has been embraced in countries like Costa Rica and Haiti. The region countries have also been helped to build resilience and improve of their response to shocks like natural disasters(World Bank, 2016).
The Middle East and North Africa region has been experiencing violence, political unrest and social constraints due to a large displaced population. A strategy adopted involves peace promotion and enhancing social stability. It involves the renewal of social contract in terms of citizen engagement, jobs and quality services with a goal of achieving peace and stability. There has also been more regional cooperation to achieve more gains in areas like education, water and energy. There has also been an effort to promote welfare of people who have forcibly been displaced and even the host communities in this region. It also involves resources for coverage and improving social assistance for such population like in Syria and Lebanon (World Bank, 2016). In the South Asia region, the growth rate has remained strongest in the world even though capital inflows have reduced. A strategy adopted by World Bank has focused on development of private sector with an emphasis on infrastructure development, urbanization and job creation. The efforts have lead to better governance and improved security and jobs through projects such as Punjab Jobs and Competitiveness Program for Results for Pakistan, Second Public Financial Management Reform and Temporarily Displaced Persons Emergency Recovery Project (World Bank, 2016).
The East Asia and Pacific experienced the best progress among all the regions. This is because extreme poverty has reduced in a faster rate that all other regions , which is indicated to have reduced to almost 7.2 % by 2012 from 80 % in1981. This can be related to a better economic performance and growth, as the region is seen to account for nearly two-fifths of overall growth around the globe in 2015 (World Bank, 2016).
The Europe and Central Asia regions made the least progress in the same period. This is informed by policy uncertainty due to Britain Bri-Exit referendum, weakening global growth, persistent geopolitical tension and the refugee crisis. These factors are constraining the recovery of the region after the economic recession. Poverty reduction that has in the past been significant is reversing while inequality is still not being addressed (World Bank, 2016).
The World Bank has embarked on strategy that involves Poverty reduction, Gender Equality and Inclusive Growth that so as to provide equal opportunities for everyone. To close the gender gap especially in developing economies the bank use the strategy to improve health care and hence human endowment, improving social protection and education , eliminating constraints to job access through addressing the skill gaps and any segregation on the basis of gender. Other efforts include removal of barriers to ownership of land and its control by women and enhancing the agency and voice of women while at the same time including boys and men in such efforts (World Bank, 2016).
The efforts employed by the World Bank have substantially helped in the improvement of poor population’s lives and living standards. The various projects undertaken to provide opportunity to the poor in terms of education, imparting skills for the real job market and bolstering economic growth have all lead to better their lives. For instance, the Regional Sahel Pastoralism Support Project has helped in improving access to the market for the pastoralists which helps them in increasing their income (World Bank, 2016).
As a policy maker at the Bank, I would focus on efforts to improve equal development across the regions. This involves infrastructure development, high quality productivity of goods and services and human capital improvement. Improving infrastructure will ensure that economies of the developing world can produce competitive goods in the world market while improved human capital will uptake the emerging employment opportunities in the local market.
References
World Bank, (2016). Annual Report
