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Abstract: Real GDP and oil prices are decomposed into common stochastic trend and cycle processes using structural time series models. Potential real GDP is represented by the level of the trend component of real GDP. The potential rate of growth of real GDP is represented by the stochastic drift element of the trend component. Cuevas finds that there is a strong association at the trend and cycle frequencies between real GDP and the real price of oil. This association is also robust in the presence of key economic policy variables. From 1970-80, when the underlying annual rate of increase of the real price of oil was 12 percent, the underlying annual rate of increase of potential GDP in Venezuela was 2.6 percent. By contrast, from 1981-2000 when the underlying rate of increase of the real price of oil was -5 percent, the underlying growth rate of potential GDP fell 1.5 percent. However, the strength of association between the underlying growth of oil prices and real GDP has fallen considerably since the early 1980s, suggesting that oil cannot be relied on as an engine for future growth in Venezuela. This paper"a product of the Colombia, Mexico, and Venezuela Country Management Unit, Latin America and the Caribbean Region"is part of a larger effort in the region to encourage research on macroeconomic issues. The author may be contacted at mcuevas@@worldbank.org.
At the beginning of the twentieth century, Venezuela had one of the poorest economies in Latin America, but by 1970 it had become the richest country in the region and one of the twenty richest countries in the world, ahead of countries such as Greece, Israel, and Spain. Between 1978 and 2001, however, Venezuela’s economy went sharply in reverse, with non-oil GDP declining by almost 19 percent and oil GDP by an astonishing 65 percent. What accounts for this drastic turnabout? The editors of Venezuela Before Chávez, who each played a policymaking role in the country’s economy during the past two decades, have brought together a group of economists and political scientists to examine systematically the impact of a wide range of factors affecting the economy’s collapse, from the cost of labor regulation and the development of financial markets to the weakening of democratic governance and the politics of decisions about industrial policy. Aside from the editors, the contributors are Omar Bello, Adriana Bermúdez, Matías Braun, Javier Corrales, Jonathan Di John, Rafael Di Tella, Javier Donna, Samuel Freije, Dan Levy, Robert MacCulloch, Osmel Manzano, Francisco Monaldi, María Antonia Moreno, Daniel Ortega, Michael Penfold, José Pineda, Lant Pritchett, Cameron A. Shelton, and Dean Yang.
Real GDP and oil prices are decomposed into common stochastic trend and cycle processes using structural time series models. Potential real GDP is represented by the level of the trend component of real GDP. The potential rate of growth of real GDP is represented by the stochastic drift element of the trend component. Cuevas finds that there is a strong association at the trend and cycle frequencies between real GDP and the real price of oil. This association is also robust in the presence of key economic policy variables. From 1970-80, when the underlying annual rate of increase of the real price of oil was 12 percent, the underlying annual rate of increase of potential GDP in Venezuela was 2.6 percent. By contrast, from 1981-2000 when the underlying rate of increase of the real price of oil was -5 percent, the underlying growth rate of potential GDP fell 1.5 percent. However, the strength of association between the underlying growth of oil prices and real GDP has fallen considerably since the early 1980s, suggesting that oil cannot be relied on as an engine for future growth in Venezuela. This paper - a product of the Colombia, Mexico, and Venezuela Country Management Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to encourage research on macroeconomic issues.
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
Abstract: Hoekman analyzes what actions could be taken in the context of the World Trade Organization's Doha negotiations to assist countries in reaping benefits from deeper trade integration. He discusses the policy agenda that confronts many developing countries and identifies a number of focal points that could be used both as targets and as benchmarks to increase the likelihood that WTO negotiations will support development. To achieve these targets, Hoekman proposes a number of negotiating modalities for both goods and services-related market access issues, as well as rule-making in regulatory areas. Throughout the analysis, the author refers to the work of J. Michael Finger, whose numerous writings in this area have not only greatly influenced the thinking of policymakers and researchers on the interaction between trade policy, economic development, and the GATT/WTO trading system, but also provides a model for how to pursue effective policy research. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to analyze the development aspects of WTO rules. The author may be contacted at [email protected].
Sixteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2019 measures aspects of regulation affecting 10 areas of everyday business activity: • Starting a business • Dealing with construction permits • Getting electricity • Registering property • Getting credit • Protecting minority investors • Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency These areas are included in the distance to frontier score and ease of doing business ranking. Doing Business also measures features of labor market regulation, which is not included in these two measures. This edition also presents the findings of the pilot indicator entitled 'Contracting with the Government,' which aims at benchmarking the efficiency, quality and transparency of public procurement systems worldwide. The report updates all indicators as of May 1, 2018, ranks economies on their overall 'ease of doing business', and analyzes reforms to business regulation -- identifying which economies are strengthening their business environment the most. Doing Business illustrates how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. It is a flagship product produced in partnership by the World Bank Group that garners worldwide attention on regulatory barriers to entrepreneurship. Almost 140 economies have used the Doing Business indicators to shape reform agendas and monitor improvements on the ground.
The global economy has slowed, with important consequences for growth prospects in Latin America and the Caribbean. The slowdown in economic activity has been broad-based among advanced economies and more pronounced in emerging markets and developing economies, partly reflecting trade and geopolitical tensions. Global growth is projected to decline to the lowest level since the global financial crises, before recovering in 2020. More importantly, growth is projected to decline in 2019–20 in the United States and China, which are LAC’s two main trading partners. The ongoing sluggishness of global growth and trade is affecting export growth in LAC, posing significant headwinds to the outlook. External demand for the region remains subdued, with trading partner growth (including China, Europe, other LAC countries, and the United States) projected to decline in 2019, before recovering modestly over the medium term. Moreover, commodity prices (notably energy and metals), key drivers of growth in LAC in the past, are projected to decline with a likely modest negative impact on regional growth going forward.
Abstract: There has been much debate about how much India's poor have shared in the economic growth unleashed by economic reforms in the 1990s. Datt and Ravallion argue that India has probably maintained its 1980s rate of poverty reduction in the 1990s. However, there is considerable diversity in performance across states. This holds some important clues for understanding why economic growth has not done more for India's poor. India's economic growth in the 1990s has not been occurring in the states where it would have the most impact on poverty nationally. If not for the sectoral and geographic imbalance of growth, the national rate of growth would have generated a rate of poverty reduction that was double India's historical trend rate. States with relatively low levels of initial rural development and human capital development were not well-suited to reduce poverty in response to economic growth. The study's results are consistent with the view that achieving higher aggregate economic growth is only one element of an effective strategy for poverty reduction in India. The sectoral and geographic composition of growth is also important, as is the need to redress existing inequalities in human resource development and between rural and urban areas. This paper"a product of the Poverty Team, Development Research Group"is part of a larger effort in the department to better understand the relationship between economic growth and poverty. The authors may be contacted at gdatt@@worldbank.org or mravallion@@worldbank.org.