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This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.
countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...
This edition analyses how trade can contribute to economic diversification and empowerment, with a focus on eliminating extreme poverty, particularly through the effective participation of women and youth. It shows how aid for trade can contribute to that objective by addressing supply-side capacity and trade-related infrastructure constraints, including for micro-, small- and medium-sized enterprises notably in rural areas.
After 3 years of historic reforms, Myanmar has entered a pivotal stage in its socioeconomic development. Natural, cultural, and demographic advantages are positioning the country for long-term success, but many challenges and potential pitfalls lie ahead. This publication examines how to leverage the opportunities and offers solutions to the challenges. For Myanmar to achieve its economic transition, considerable investments will have to be made in infrastructure and developing human capital, and progress made on building institutional capacity, a regulatory environment for the private sector to flourish, and a modern finance sector. In all reform efforts, the government should embrace good governance, and strive for inclusive, environmentally sustainable, and regionally connected growth. Ensuring that the benefits of growth are shared broadly and regionally balanced stands out in a crowded development agenda.
This book presents how tourism initiates economic development and how constraints to the growth of tourism in Sub-Saharan Africa can be addressed. With 24 case studies that illustrate tourism development, it reveals that despite destination challenges, the basic elements needed to initialize or intensify success are applicable across the region.
Sustainable Tourism Policy and Planning in Africa offers an accessible and understandable overview of the challenges of integrating sustainability into tourism policy and planning in Sub-Saharan Africa and provides some interesting recommendations on how these could be overcome. Tourism is currently growing faster in Sub-Saharan Africa (SSA) and in many other developing regions compared to the rest of the world. Using case examples from different segments of the tourism sector in different country contexts, this volume therefore reassesses context specific tourism policies and planning mechanisms in SSA over the years. It considers how the increasing focus on sustainability is reflected in different areas of the tourism sector including food security, the human capacity management, service delivery, local communities and heritage management, climate change and the influence of colonial legacies on tourism policy planning. For many SSA countries, it has only been in the last two decades that the development of sustainable and achievable context specific policies and planning mechanisms has become the norm. The chapters provide examples of how different dimensions of sustainability are integrated into tourism policy and practice, and examine the extent to which these are shaping the present, and their implications for the future sustainability of the tourism sector. Sustainable Tourism Policy and Planning in Africa will be of great value to academics, private and third sector employees to better understand tourism in Sub-Saharan Africa. Eight of the chapters were originally published as a special issue of Tourism Planning and Development. These are now complimented with a new introductory chapter and a concluding chapter that sets out a future research agenda for sustainable tourism policy and planning.
Oil, Gas, and Mining: A Sourcebook for Understanding the Extractive Industries provides developing countries with a technical understanding and practical options around oil, gas, and mining sector development issues. A central premise of the Sourcebook is that good technical knowledge can better inform political, economic, and social choices with respect to sector development and the related risks and opportunities. The guidance provided by the Sourcebook assumes a broad set of overarching principles, all centered on good governance and directed at achieving positive and broadly based sustainable development outcomes. This Sourcebook is rich in presenting options to challenges, on the understanding that contexts and needs vary, and that there is much to be gained from appreciating the lessons learned from a broad set of experiences.
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.
This book investigates the role of wealth in achieving sustainable rural economic development. The authors define wealth as all assets net of liabilities that can contribute to well-being, and they provide examples of many forms of capital – physical, financial, human, natural, social, and others. They propose a conceptual framework for rural wealth creation that considers how multiple forms of wealth provide opportunities for rural development, and how development strategies affect the dynamics of wealth. They also provide a new accounting framework for measuring wealth stocks and flows. These conceptual frameworks are employed in case study chapters on measuring rural wealth and on rural wealth creation strategies. Rural Wealth Creation makes numerous contributions to research on sustainable rural development. Important distinctions are drawn to help guide wealth measurement, such as the difference between the wealth located within a region and the wealth owned by residents of a region, and privately owned versus publicly owned wealth. Case study chapters illustrate these distinctions and demonstrate how different forms of wealth can be measured. Several key hypotheses are proposed about the process of rural wealth creation, and these are investigated by case study chapters assessing common rural development strategies, such as promoting rural energy industries and amenity-based development. Based on these case studies, a typology of rural wealth creation strategies is proposed and an approach to mapping the potential of such strategies in different contexts is demonstrated. This book will be relevant to students, researchers, and policy makers looking at rural community development, sustainable economic development, and wealth measurement.