World Bank (WB) Country Director, Bella Bird has advised the Tanzanian government on how to sustain the country`s economic growth for achieving a middle-income economy by 2025. The idea is to retain that status beyond that period. Ms. Bird noted that Tanzania had enjoyed relatively high and stable growth in the past 15 years. Based on official statistics, Tanzania`s economy has grown more than 6 per cent annually in the past period. Read more. Source| The Exchange
Despite recent softening, global economic growth will remain robust at 3.1 per cent in 2018 before slowing gradually over the next two years, as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off, the World Bank said on Tuesday.
“If it can be sustained, the robust economic growth that we have seen this year could help lift millions out of poverty, particularly in the fast-growing economies of South Asia,” World Bank Group President Jim Yong Kim said. Read more. Source | New Times
The World Bank Group is optimistic that the rise in both global and sub-Saharan Africa Gross Domestic Product (GDP) growth rate will result into high export earnings, increase in private capital remittances and foreign direct investment in Uganda.
High export earnings, increased private capital remittances and foreign direct investment play a critical role in Uganda’s economy inform of high economic growth, stable exchange rate and increased domestic investment in the economy. Read more. Source | Daily Monitor
The World Bank has hailed the East African Community for the steady progress it has made towards the creation of the Common Market.
Mr. Ahmadou Moustapha Ndiaye, the World Bank’s Coordinating Director on EAC integration noted in particular the operationalization of the Single Customs Territory by the EAC Partner States, adding that the region had experienced increased intra-regional trade.
Mr. Ndiaye further praised the EAC Secretariat for the efforts it is undertaking to monitor the implementation of the Common Market Protocol with the aim of lifting all the remaining barriers to free movement of people, labour, goods, services and capital. Read more. Source | East African Community
Global Economic Prospects 2017 is a publication of the World Bank Group. It examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June).
The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.
The challenges faced by small farmers are similar across the developing world – pests, diseases and climate change. Yet in Africa the challenges are even greater. If farmers are to survive at current rates (let alone grow), they need to have access to high-yielding seeds, effective fertilizers and irrigation technologies.
These issues threaten the region’s ability to feed itself and make business-growth and export markets especially difficult to reach. Other factors include the rise in global food prices and export subsidies for exporters in the developed economies, which leave African farmers struggling to price competitively. Read more. Source | World Bank
Improvements in ease of starting a business, registering property, trading across borders and enforcing contracts saw Rwanda make significant improvement in the latest World Bank Doing Business Report.
The 14th issue of the report, released in October, ranked Rwanda second on the continent after Mauritius and first in the East African Community region.
Globally, Rwanda improved six places ranking 56th out of 190 countries.The ranking also indicate that Rwanda reduced the gap with Mauritius from 30 places last year to only seven places. Read more. Source | New Times
Sub-Saharan Africa economies carried out a record number of reforms in the past year to improve the business climate for local entrepreneurs, says the World Bank Group’s annual ease of doing business report.
Doing Business 2017: Equal Opportunity for All, released today, finds that 37 of the region’s 48 economies adopted 80 reforms in the past year, an increase of 14 percent from the previous year. More than half of the past year’s reforms were implemented by the 17 members of the Organization for the Harmonization of Business Law in Africa (OHADA).
Mauritius once again ranks best in the region, with an overall Doing Business global ranking of 49. Mauritius performs best in the areas of Protecting Minority Investors and Dealing with Construction Permits, with a rank of 32 and 33 respectively, on those indicators. For example, it takes 156 days to complete the construction permitting processes for simple buildings, compared to 183 days in France and 222 days in Austria. Read more. Source | CNBC Africa
Doing Business 2017: Equal Opportunity for All is a publication of the World Bank. It investigates the regulations that enhance business activities and those that constrain it. Specifically, the report measures aspects of regulations that enable or prevent private sector businesses from starting, operating and expanding.
The report also highlights the large disparities between high- and low-income economies, and the barriers that women face while starting a business or getting a job compared to men. It also discusses the role that may be played by business regulatory reforms in the global goal to reduce income inequality.
It is useful resource in analyzing economic outcome, and identifying what reforms in business regulations have worked, where and why.
World Bank Group has urged Uganda to develop and utilise her 800 tradable products properly to achieve broad economic diversification needed for long term and sustainable economic development.
Diversification of the economy and broad-based economic development are critical for the long-term sustainable development in resource-rich developing countries (RRDCs). Evidence from around the world shows some countries with a strong resource base have managed to diversify their economies and exports, but many have not.
The Bank says though Uganda has expanded its export products to 60, there are still a lot of resources that need to be exploited to transform and diversify the economy. Read more. Source | Daily Monitor