The Deputy Minister for Planning and Finance H.E. U Set Aung joined the World Bank Vice President for East Asia and Pacific Ms. Victoria Kwakwa in a launch event for the second volume of the Myanmar Poverty Assessment.
The new report, jointly produced by the Ministry of Planning and Finance and the World Bank using the 2015 Myanmar Poverty and Living Conditions Survey, is the second of the two-part Myanmar Poverty Assessment, which recommends a revision and rebasing of poverty estimates to reflect changing consumption patterns in Myanmar. The revised poverty measures used in Myanmar include durables such as mobile phones and updated calorie estimates courtesy of the Ministry of Health and Sports.
Consistent with the findings of the first assessment, poverty has declined significantly since 2004, falling from an estimated 48.2 percent to 32.1 percent in 2015. Using the new measures, some 15.8 million people live in poverty in Myanmar.
“Having a more detailed understanding of the characteristics and profiles of those most in need and the constraints they face enable us to prepare appropriate responses – and help reduce poverty for everyone in Myanmar,” said U Maung Maung Tin, Director-General, Planning Department of Ministry of Planning and Finance.
Poor households tend to have fewer working age adults and more dependents, and fewer resources that can generate income, such as land or farming tools. The extreme poor are disproportionately in the agriculture sector as casual laborers or as small holder farmers, and have few alternatives for income.
The report highlights the economic impact of health and weather related shocks, estimating that half the country suffered from such shocks over a twelve-month period and 4 percent of potential work days were lost due to ill-health. Coping strategies such as reducing spending on food or adding more debt can impact the families’ ability to bounce back and ultimately affect long-term growth.
“Now with a better understanding and consensus on the levels and distribution of poverty in Myanmar, the World Bank is in a better position to support Myanmar’s efforts to reduce poverty and promote inclusive growth for all.” said Victoria Kwakwa, World Bank Vice President for East Asia and the Pacific. “Inclusion so that growth and opportunities benefit the poor and near-poor is critical for peace and prosperity.”
The poverty assessment is part of a series of analytical works outlined in the Country Partnership Framework (CPF), the World Bank Group’s first full strategy for Myanmar in 30 years. The strategy supports reforms that promote growth in rural areas, invests in services that work towards better nutrition, health, education, infrastructure, and more jobs.
WTO, World Economic Forum and eWTP launch joint public-private dialogue to open up e-commerce for small business
A new initiative designed to drive public-private dialogue on e-commerce was launched today (11 December) by the World Trade Organization, the World Economic Forum and the Electronic World Trade Platform (eWTP). The initiative, entitled ‘Enabling E-commerce’, aims to bring together leading voices from governments, businesses and other stakeholders to begin a high-level conversation on e-commerce policies and practices that can benefit small businesses.
The launch event took place in Buenos Aires, on the margins of the WTO’s 11th Ministerial Conference. Director-General Roberto Azevêdo was joined by Jack Ma, Executive Chairman of Alibaba Group, representing the Electronic World Trade Platform (eWTP), and Rick Samans, Head of Global Agenda, Member of the Managing Board, World Economic Forum.
E-commerce is a growing force in global trade and has the potential to make the world economy more inclusive by creating opportunities for micro, small and medium-sized enterprises (MSMEs) and expanding choice for consumers. However, for MSME engagement in e-commerce to grow rapidly worldwide, reforms to industry practices and government policies are needed.
The Enabling E-commerce initiative will provide an opportunity for stakeholders to develop a clearer understanding of how to enable MSME e-commerce around the globe. It will also encourage research and knowledge sharing on the practical challenges faced by MSMEs and serve as a bridge between global e-commerce practice and policy.
DG Azevêdo said: “There has been a groundswell of interest in e-commerce at the WTO – and in its potential to lift up small businesses around the world. The vibrant debate on these issues has shown the desire of many WTO members to bridge the digital divide, and to gain a deeper understanding of the challenges and opportunities of e-commerce. The Enabling E-commerce initiative will therefore provide a valuable resource – bringing a range of stakeholders together to further explore these issues. I want to thank the World Economic Forum and eWTP for this initiative.”
Jack Ma said: “The Enabling E-commerce Initiative envisions a world where small businesses, young people and developing countries can succeed in the global marketplace. The problem with globalization is that its benefits have not been made available to all. We cannot stop globalization, we must improve it. If business and government work together, we can create a more inclusive trade model to expand the benefits of globalization to those who have been left behind.”
Richard Samans said: “We have an opportunity to harness innovation to create a more inclusive global economy. As the international organization for public-private cooperation, the World Economic Forum will work with WTO and eWTP to bring all interested stakeholders together to deepen understanding of how to facilitate cross-border ecommerce for small business.”
The initiative will start its work early in 2018, with a high-level meeting at Davos in January. This will be followed up by other conversations, including a major event in Geneva later in the year.
Report Underlines Reforms to Support Fiscal Federalism, Green Growth in Nepal
Nepal has made significant strides in implementing fiscal federalism while key reforms are needed to support fiscal sustainability and Nepal’s transition towards green, resilient, and inclusive development states the World Bank’s Public Expenditure Review (PER) Report on Fiscal Policy for Sustainable Development launched today.
With the country’s transition to federalism, expenditure responsibilities have been devolved to subnational governments that are predominantly financed through intergovernmental transfers and revenue sharing. These now account for between 8 and 9 percent of GDP per year (or close to 30 percent of the annual budget). While federalism is helping bring policymaking closer to the people, it has also increased fiscal spending and (exacerbated by the COVID-19 pandemic) led to a sharp rise in fiscal deficits and public debt, states the report.
“This report provides an analytical basis to inform our reform efforts to strengthen federalism and create fiscal space to support our new focus on a green, resilient, and inclusive development (GRID) model,” statedMr. Madhu Kumar Marasini, Finance Secretary. “This complements our ongoing efforts to refine the fiscal transfer system put in place the systems for monitoring and reporting for a more results oriented and accountable delivery of local services.”
The PER identifies key reforms to help Nepal strengthen fiscal sustainability and initiate a shift to a GRID pathway. It identifies the following five top priority reforms: (i) Encouraging the update of subnational spending responsibilities through the intergovernmental grants system; (ii) supporting exports and job creation through reforms to import duties; (iii) strengthening domestic revenue, for example by reviewing VAT exemptions; (iv) enhancing public capital spending by rolling out the National Project Bank; and (v) providing fiscal incentives for a green growth transition.
“The World Bank will continue to support government reforms to improve fiscal sustainability and the implementation of fiscal federalism, drawing on the recommendations of the PER Report,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka. “This report complements our human development PER, both of which will help inform the design of World Bank support to Nepal, including through our ongoing support through our various Development Policy Credits.”
The report also stresses the importance of strengthening investment processes and fiscal policies for green growth, and fiscal policy reforms to enable Nepal to use its green electricity surplus to mitigate air pollution to protect the health of people and the economy.
Philippines: Boosting Private Sector Growth Can Strengthen Recovery, Create More Jobs
Rebounding from a deep contraction in 2020, the Philippine economy is forecast to grow 5.3 percent this year before accelerating to an average of 5.8 percent in 2022-23 on the road to recovery, according to the Philippines Economic Update (PEU) titled Regaining Lost Ground, Revitalizing the Filipino Workforce, released today by the World Bank.
Government spending on infrastructure is expected to buoy growth, aided by the steady progress in vaccination leading to greater people mobility and the revival of businesses. Barring a new uptick in COVID-19 cases, household consumption is projected to recover, anchored on rising remittances and improving incomes as more people regain or find new jobs.
“The new variant has added a layer of uncertainty but economic reopening, along with progress in vaccination, is clearly strengthening domestic dynamism and market confidence,” said Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand. “As the recovery gains traction, it will be important to enhance private sector participation in the recovery by deepening current efforts to make the country’s business environment favorable to job creation while upskilling the workers so that they can benefit from new or emerging job opportunities.”
Reforms that open more sectors to foreign investments, streamline administrative procedures to facilitate market entry and encourage firms to adopt new technology are measures that can boost private sector growth, create more jobs, and strengthen recovery, Diop added.
The nearly two-year long pandemic, however, has forced the closures of many firms, leading to losses of jobs and incomes, alongside health insecurities and disruptions in children’s education.
The Philippines underwent two surges of COVID-19 infections this year, first in March-April and in August-September due to the more infectious Delta variant. In both instances, the authorities reinstated strict mobility restrictions in Metro Manila and nearby provinces, and key metropolitan areas.
Nonetheless, the recent surge and mobility restrictions have not severely hampered economic activity. As a result, the economy expanded by 4.9 percent in the first three quarters of 2021, rebounding from a 10.1 percent contraction over the same period in 2020.
In 2022, the phased economic reopening is expected to benefit the services sector especially transportation, domestic tourism, and wholesale and retail trade. Sustained public investment will continue to support construction activities.
The PEU flags that despite encouraging trends, the COVID-19 pandemic remains a major risk to the country’s growth prospects.
The report notes that even in countries with high vaccination rates, infections have continued to spread, albeit with greatly reduced severity of illness, hospitalization, and mortality. Variants of concern, breakthrough cases, and waning vaccine efficacy have highlighted the complexity of economic reopening.
“Speeding up vaccination especially in areas outside the National Capital Region and sustaining the observance of health protocols including masking and maintaining social distancing are measures that remain important as the country navigates the challenges of reviving the economy,” said Kevin Chua, Senior World Bank Economist.
Social protection measures, Chua added, including the country’s cash transfer programs remain important measures to mitigate the adverse impact of the pandemic on livelihoods, health, and education, especially among poor families.
United States COVID-19 vaccine delivery to Mozambique
In an effective effort to make tremendous and recognizable contributions to help fight the spread of coronavirus, the United States Embassy in Mozambique has announced the arrival of more than two million doses of the Johnson & Johnson coordinated through COVAX in Maputo, Mozambique.
This is the United States’ fourth and largest bi-lateral COVID-19 vaccine delivery to Mozambique, bringing the total number of U.S.-donated vaccines to nearly 3.5 million, and maintaining the United States as Mozambique’s largest bi-lateral vaccine donor.
“The United States remains committed to sharing vaccines equitably, around the world,” U.S. Ambassador to Mozambique Dennis W. Hearne said. “No one is protected from COVID-19 until everyone is vaccinated. As more vaccines become available to all nations around the world, we have a shared interest in getting everyone who is eligible vaccinated.”
The U.S. Government has provided early and ongoing support for the response to the COVID-19 pandemic in Mozambique, including assistance valued at $62.5 million. This assistance includes the recent donation of 60 oxygen cylinders and a PSA oxygen plant, 50 ventilators, personal protective equipment for healthcare workers, laboratory and oxygen equipment, training, and funding for increased medical staff, among other initiatives.
In close collaboration with the Government of the Republic of Mozambique, the U.S. Government provides more than $500 million in annual assistance to improve the quality of education and healthcare, promote economic prosperity, and support the overall development of the nation.
The Mozambican government’s target is to vaccinate about 16.8 million people. Excluded from the vaccination are pregnant women and children under 15 years of age. According to the latest figures from the Health Ministry, the number of people fully vaccinated against the disease now stands at 3,324,849, and 6,158,360 have received at least one dose of the vaccine.
Mozambique shares borders with South Africa where a new COVID variant (B.1.1.529), renamed Omicron, is currently spreading. Travellers from the region are monitored. The United States, Europe and Asian States have restricted flights from southern African region, and that include Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi.
Fifty Years OF India-Bangladesh Ties: Sky’s The Limit
Bangladesh and India are two neighboring countries of South Asia and these two countries have historically had very close relations....
Pakistan slips on a slippery slope of religious militancy
Pakistani political and military leaders have vowed to eradicate ultra-conservative religious extremism that drove a mob to torture, brutally lynch...
Report Underlines Reforms to Support Fiscal Federalism, Green Growth in Nepal
Nepal has made significant strides in implementing fiscal federalism while key reforms are needed to support fiscal sustainability and Nepal’s...
The UK’s travel ban: Why Nigerians must look towards their leaders
Once again Nigeria’s image problem rears its ugly head, only this time, it has to do with how little care...
Philippines: Boosting Private Sector Growth Can Strengthen Recovery, Create More Jobs
Rebounding from a deep contraction in 2020, the Philippine economy is forecast to grow 5.3 percent this year before accelerating...
The crisis of international law
The idea of promoting the human rights agenda in the image and likeness of the Western countries’ principles – as...
Lithuania: pensioners get ready for death
Main attention of the Lithuanian media has been focused on migrant crises and security issues for several weeks. This problem...
Southeast Asia4 days ago
Vietnam’s President Phuc visit to Switzerland and Russia
Africa4 days ago
Gender Equality at the Expense of Democracy in Africa
Defense4 days ago
Will India go Nuclear in the Future? – A regional overview
Intelligence3 days ago
Somalia: Security Council adopts resolution to keep pirates at bay
Economy3 days ago
Fashion Week & Sustainability
Africa Today4 days ago
New Project to Support the Emergence of a Digital Economy in Djibouti
Development4 days ago
Saint Lucia Builds Investment Reference Guide to Boost Sustainable Development
Middle East3 days ago
Democracy Summit: Excluding countries and igniting the Cold War in the Middle East