The World Bank. Asia (ECA) Economic Update. Annual Meetings Istanbul October 3, 2009
|
|
- Daniela Allison
- 5 years ago
- Views:
Transcription
1 The World Bank Europe and Central Asia (ECA) Economic Update Annual Meetings Istanbul October 3, 2009
2 More than $350 billion of ECA s foreign debt matures in 2010 Source: World Bank, DEC Prospects Group
3 Economic Update The Crisis Hits Home Office of the Chief Economist Human Development Sector Management Unit Poverty and Economic Management Sector Management Unit Europe and Central Asia Region World Bank Annual Meetings Istanbul, October 2009
4 Main points Good news for enterprises, but foreign debt clouds the future Industrial production stopped falling in mid-2009 But $350 billion of external debt due in 2010 Bad news for families as poverty and unemployment rise, while household debt clouds the future Poverty will rise by almost 15 million instead of falling by 15 million in 2009 Stress tests indicate more debt distress likely for households in 2010 Tough times ahead for governments, and social security debt clouds the future Fiscal deficits will rise from 1.5 to 5.5 percent of GDP in 2009 Stress tests indicate pension deficits rising to 5-6 percent of GDP 4
5 Good news for enterprises, but foreign debt clouds future 5
6 Industry has stopped shrinking Industrial production, percentage change (saar) Middle-East & North Africa East Asia & Pacific Developing South Asia Europe & Central Asia Latin America 6 Source: World Bank, DEC Prospects Group.
7 Interest rates are lower Emerging-market bond spreads have fallen but remain higher than pre-crisis levels Corporate bonds (CEMBI Global) Sovereign bonds (EMBI Global) Before Lehman Brothers Source: World Bank, DEC Prospects Group
8 Business regulations are better Countries that made at least one positive reform in 2008 (%) Leading Ten Doing Business Reformers in Rwanda 2. Kyrgyz Republic 3. Macedonia, FYR 4. Belarus 5. United Arab Emirates 6. Moldova 7. Colombia 8. Tajikistan 9. Egypt, Arab Rep 10. Liberia 8 Source: World Bank, Doing Business 2009
9 But debt obligations loom large More than $350 billion of ECA s foreign debt matures in Source: World Bank, DEC Prospects Group
10 Bad news for families as poverty and unemployment rise, while household debt distress clouds the future 10
11 Poverty will rise Increases in poverty and vulnerability (change in people living on <$5/day) This graph needs to be redone, with a stacked bar chart with both Poverty (<$2.50) and vulnerability ( ) 11 Source: World Bank Staff
12 Poverty will rise everywhere Share of households below national poverty lines Most recent poverty estimate Forecasted poverty in 2009 Armenia 23.8 (2007) 29.7 Azerbaijan 10.8 (2008) 11.8 Bulgaria 9.7 (2007) 11.3 Latvia 19.8 (2008) 26.9 Romania 5.7 (2008) 7.4 Russia 13.5 (2008) 15.5 Tajikistan 53.1 (2008) 57.9 Turkey 17.4 (2008) 21.9 Note: Estimates are not comparable across countries 12 Note: Estimates are not comparable across countries. Source: World Bank Staff
13 Rising job losses Registered unemployment has risen in almost every country since mid Source: World Bank Staff
14 Job losses most in middle-income income ECA Growth of unemployment rates, 2009 over 2008, percent 14 Source: World Bank Staff
15 Unemployment in Turkey has doubled Registered unemployment in Turkey, February 2008 to August Source: World Bank staff
16 Incomes in Turkey have been falling Evidence from Turkey finds a particularly large hit to self employment income 16 Source: World Bank-UNICEF Survey
17 The sources of household distress Shocks are transmitted to households through financial, product and labor markets Most recent poverty estimate Forecasted poverty in 2009 Armenia 23.8 (2007) 29.7 Azerbaijan 10.8 (2008) 11.8 Financial Market Credit Market Shock Bulgaria 9.7 (2007) 11.3 Latvia 19.8 (2008) 26.9 Product Market Relative Price Shock Romania 5.7 (2008) 7.4 Russia 13.5 (2008) 15.5 Tajikistan 53.1 (2008) 57.9 Lb Labor Market Income/Employment Shock Turkey 17.4 (2008) 21.9 Note: Estimates are not comparable across countries 17 Source: World Bank 2009: The Crisis Hits Home
18 Household stress tests show distress Severe Stress likely in Bosnia, Croatia, Estonia and Hungary Bosnia & Herzegovina Croatia Estonia Hungary I II III IV V ALL I II III IV V ALL I II III IV V ALL I II III IV V ALL % of debt-holding households h that t are not vulnerable % of debt-holding households that are vulnerable, prior to the simulation % of debt-holding households that become vulnerable, as a result of the simulation Debt repayment as a % of household income (median), prior to the simulation Debt repayment as a % of household income (median), as a result of the simulation 18 Source: World Bank Staff
19 Tough times ahead for governments, and pension debt clouds the future 19
20 Rapid fiscal deterioration in 2009 Central and Eastern European government accounts were hit sooner Fiscal Balance (% GDP), CEE + Turkey CIS 20 Source: World Bank Staff
21 Social protection ti spending ECA spends a lot on public pensions (percent of GDP) 21 Source: World Bank staff estimates and OECD Social Expenditure Database. Most data from 2000 to 2003.
22 Good coverage of social assistance Is lowest in ECA s poorest countries, but compares favorably with other regions 22 Source: World Bank Staff
23 And reasonable targeting Not all goes to poor, but accuracy compares favorably with programs in other regions 23 Source: World Bank Staff
24 Reforms needed for social security The reforms that help the most are inflation indexing and higher retirement ages 24 Source: World Bank staff
25 Messages Ci Crisis i is not over. Countries in Emerging Europe and Central Asia face a slow recovery No green shoots for workers Tighter money ahead. Post-crisis growth will likely be lower, and fiscal deficits higher Smaller budgets for governments Fiscal consolidation, not indiscriminate cuts. More efficiency of spending can mean more growth and more equity Better prospects for both families and firms 25
26 How the World Bank is helping Supporting budgets Increased lending (IBRD/IDA): $3.8bn in 2007, $4.2bn in 2008, $9.3bn in 2009 Operations in Armenia, Bulgaria, Georgia, Hungary, Latvia, Poland, Romania, Serbia, Tajikistan, Turkey, and Ukraine Strengthening institutions Helping countries such as Belarus, FYR Macedonia and Turkey improve social assistance programs Helping middle income countries strengthen banking systems Helping all countries improve social service delivery mechanisms Improving policies Public expenditure reviews, e.g., in Poland, Lithuania, Russia, and Latvia to identify areas for efficiency Economic reports, e.g., in Croatia and Central Asia to strengthen integration in Europe and Eurasia 26
27 More information World Bank, 2009: The Crisis Hits Home: Stress Testing Households in Europe and Central Asia, Report No ECA. 27
Reimbursable Advisory Services in Europe and Central Asia (ECA)
Reimbursable Advisory Services in Europe and Central Asia (ECA) Expanding Options for Our Clients: Global Knowledge, Strategy, and Local Solutions REIMBURSABLE ADVISORY SERVICES (RAS): What Are They? RAS
More informationIntroduction CHAPTER 1
CHAPTER 1 Introduction The onset of the financial crisis was evident as early as mid-2007 when the real estate bubble began to deflate throughout the United States and parts of Western Europe, triggering
More informationEquity Funds Portfolio Update
Equity Funds Portfolio Update Data as of December 2013 About EBRD Equity Funds Team The Equity Funds Team (EFT) currently manages more than 2.3bn in carrying value and unfunded commitments and maintains
More informationRecent developments. Note: The author of this section is Yoki Okawa. Research assistance was provided by Ishita Dugar. 1
Growth in the Europe and Central Asia region is anticipated to ease to 3.2 percent in 2018, down from 4.0 percent in 2017, as one-off supporting factors wane in some of the region s largest economies.
More informationEquity Funds Portfolio Update. Data as of June 2012
Equity Funds Portfolio Update Data as of June 2012 Equity Funds at a Glance Equity Funds Portfolio: 142 investments made Russia/CIS EUR 1.17bln committed 46 funds 29 Active 17 Liquidated Average Age of
More informationCentral and Eastern Europe: Global spillovers and external vulnerabilities
Central and Eastern Europe: Central and Eastern Europe: Global spillovers and external vulnerabilities ICEG Annual Conference Brussels, May 28 Christoph Rosenberg International Monetary Fund Overview The
More informationTHE INVERTING PYRAMID: DEMOGRAPHIC CHALLENGES TO THE PENSION SYSTEMS IN EUROPE AND CENTRAL ASIA
THE INVERTING PYRAMID: DEMOGRAPHIC CHALLENGES TO THE PENSION SYSTEMS IN EUROPE AND CENTRAL ASIA 1 Anita M. Schwarz Lead Economist Human Development Department Europe and Central Asia Region World Bank
More informationThe Great Recession: Economic and Social Impact in Eastern Europe and Central Asia
The Great Recession: Economic and Social Impact in Eastern Europe and Central Asia Lire Ersado Human Development Sector Unit Europe and Central Asia Region PREM Learning Week April 30, 2010 Outline of
More informationPerformance of EBRD Private Equity Funds Portfolio to 31 st December 2011
Performance of EBRD Private Equity Funds Portfolio to 31 st December 211 Portfolio Overview EBRD in Private Equity EBRD s portfolio of funds: 2 years of investing in the asset class 137 funds 92 fund managers*
More informationNdihma Ekonomike in Albania Key Challenges and Opportunities
Ndihma Ekonomike in Albania Key Challenges and Opportunities Ufuk Guven World Bank, Europe Central Asia Region Social Protection Team ABCDE Albania Conference June 2, 2010 Social Protection Main Poverty
More informationOverview. Stress-Testing Households in Europe and Central Asia
Overview Stress-Testing Households in Europe and Central Asia The Crisis Hits Home Overview The Crisis Hits Home Stress-Testing Households in Europe and Central Asia Erwin R. Tiongson, Naotaka Sugawara,
More informationGrowth prospects and challenges in EBRD countries of operation. Sergei Guriev Chief Economist
Growth prospects and challenges in EBRD countries of operation Sergei Guriev Chief Economist Post-crisis slowdown in convergence became more protracted, affected emerging markets globally Is this slowdown
More informationRegional Benchmarking Report
Financial Sector Benchmarking System Regional Benchmarking Report October 2011 About the Financial Sector Benchmarking System This Regional Benchmarking Report is part of a series of benchmarking reports
More informationSpain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia
Germany Belgium Portugal Spain France Switzerland Italy England Netherlands Iceland Poland Croatia Slovakia Russia Austria Wales Ukraine Sweden Bosnia-Herzegovina Republic of Ireland Czech Republic Turkey
More informationModernizing Social Protection Program Delivery Systems
Modernizing Social Protection Program Delivery Systems Robert Palacios, World Bank HDECA Regional Forum on Management Information Systems and Modernization of Social Protection Programs May 21-24, 2014,
More informationSocial Safety Nets in the Western Balkans: Design, Implementation and Performance
Social Safety Nets in the Western Balkans: Design, Implementation and Performance ABCDE Albania Conference June 2010 Boryana Gotcheva and Ramya Sundaram World Bank, Europe Central Asia Region Social Protection
More informationComparing pay trends in the public services and private sector. Labour Research Department 7 June 2018 Brussels
Comparing pay trends in the public services and private sector Labour Research Department 7 June 2018 Brussels Issued to be covered The trends examined The varying patterns over 14 years and the impact
More informationLong Term Reform Agenda International Perspective
Long Term Reform Agenda International Perspective Asta Zviniene Sr. Social Protection Specialist Human Development Department Europe and Central Asia Region World Bank October 28 th, 2010 We will look
More informationPerformance of EBRD Private Equity Funds Portfolio Data to 31 st December EBRD 2011, all rights reserved
Performance of EBRD Private Equity Funds Portfolio Data to 31 st December 2010 0 Portfolio Overview 1 EBRD in Private Equity EBRD s portfolio of funds: over 15 years of investing in the asset class 133
More informationCaucasus and Central Asia Regional Economic Outlook October 2011
Regional Economic Outlook October 211 Oil and gas exporters Oil and gas importers Kazakhstan Georgia Uzbekistan Kyrgyz Republic Armenia Azerbaijan Turkmenistan Tajikistan Overview Global outlook (CCA)
More informationPerformance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 2008
Performance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 2008 1 EBRD in Private Equity EBRD s portfolio of funds: over 15 years of investing in the asset class
More informationNPLs in Hungary. a regional perspective. Budapest, March 3, 2015
NPLs in a regional perspective Budapest, March 3, 215 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw Diverging NPL ratios 2 NPLs as percent of total
More informationPerformance of Private Equity Funds in Central and Eastern Europe and the CIS
Performance of Private Equity Funds in Central and Eastern Europe and the CIS Data to 31 December 26 1 EBRD in Private Equity EBRD s portfolio of funds: 15 years of investing in the asset class Investment
More informationNew data from the Enterprise Surveys indicate that senior managers in Georgian firms devote only 2 percent of
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WORLD BANK GROUP COUNTRY NOTE NO. 6 29 ENTERPRISE SURVEYS COUNTRY NOTE SERIES Running
More informationNon-Performing Loans in CESEE
Non-Performing Loans in CESEE Vienna, September 23, 2014 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw High NPLs ratios need to be addressed Boom-bust
More informationAssessing Corporate Governance in Investee Companies
Assessing Corporate Governance in Investee Companies Gian Piero Cigna Principal Counsel, Office of the General Counsel EBRD Third DFI Conference on Corporate Governance Tunis, 20 October 2008 Presentation
More informationMIND THE CREDIT GAP. Spring 2015 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) recovery. repair.
Spring 215 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) repair recovery MIND THE CREDIT GAP downturn expansion May, 215 Growth Divergence in 214 Quarterly GDP Growth,
More informationHousehold Vulnerabilities
CHAPTER 2 Household Vulnerabilities A. Introduction This chapter examines household vulnerabilities by analyzing how macro shocks discussed in Chapter 1, namely (i) credit market shocks, (ii) external
More informationMACROPRUDENTIAL TOOLS: CALIBRATION ISSUES IN CENTRAL, EASTERN AND SOUTHEASTERN EUROPE
MACROPRUDENTIAL TOOLS: CALIBRATION ISSUES IN CENTRAL, EASTERN AND SOUTHEASTERN EUROPE Adam Gersl Joint Vienna Institute World Bank Workshop on Macroprudential Policymaking in Emerging Europe Vienna, June
More informationBULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA)
BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA) In the period January - April 2017 Bulgarian exports to the EU increased by 8.6% 2016 and amounted to 10 418.6 Million BGN
More informationBULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA)
BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA) In the period January - May 2017 Bulgarian exports to the EU increased by 10.8% 2016 and added up to 13 283.0 Million BGN (Annex,
More informationCaucasus and Central Asia Regional Economic Outlook
Juha Kähkönen International Monetary Fund November 212 Overview Global outlook (CCA) outlook and risks CCA macroeconomic policies CCA structural challenges 2 The global recovery has weakened 6 Global Manufacturing
More informationTurkey and the Emerging. the Global Crisis. Yelda Yücel 14 June 2009 Nicosia
Turkey and the Emerging Market Economies during the Global Crisis Yelda Yücel 14 June 2009 Nicosia Green Shoots in The Global Economy? There are more signs of easing of the global recession in the second
More informationContents. Information online. Information within the Report or another EBRD publication.
Contents The illustration on the cover of this publication was inspired in part by the theme of recovery and sustainable growth, and also by the roof tiles of St Mark s Church in Zagreb, Croatia, the location
More informationEurope and Central Asia Region
Europe and Central Asia Region Overview: Growth in developing Europe and Central Asia region (box ECA.1) decelerated considerably in 212 after a relatively strong 211. All economies in the region had to
More informationTHE NEED TO ADDRESS FINANCIAL MARKETS DEVELOPMENT IN THE REGION
SOUTH CAUCASUS AND UKRAINE INITIATIVE THE NEED TO ADDRESS FINANCIAL MARKETS DEVELOPMENT IN THE REGION Working Group on Financial Markets Development and Impact of Central Banks 17 November 2009 Warsaw,
More informationNew data from Enterprise Surveys indicate that firms in Turkey operate at least as well as the average EU-
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WORLD BANK GROUP COUNTRY NOTE NO. 1 29 ENTERPRISE SURVEYS COUNTRY NOTE SERIES Running
More informationProspects for the Region
Prospects for the Region OECD South Caucasus and Ukraine Initiative Workshop on Financial Market Development Warsaw, November 17, 29 Mark Allen Senior IMF Resident Representative for Central and Eastern
More informationFinancing Constraints and Employment Evidence from Transition Countries. Dorothea Schäfer (DIW Berlin), Susan Steiner (LUH)
Financing Constraints and Employment Evidence from Transition Countries Dorothea Schäfer (DIW Berlin), Susan Steiner (LUH) Research question Do firms financing constraints inhibit the generation of employment?
More informationSECTION 2. MACROECONOMIC CHANNELS
SECTION 2. MACROECONOMIC CHANNELS 2.1. Food and Energy Price Inflation 9. Food price inflation varies substantially among ECA countries with poorer countries tending to experience higher inflation rates.
More informationDeveloping Countries to Remain Resilient - Risks Considerable
Developing Countries to Remain Resilient - Risks Considerable Financial turmoil a serious threat that has proven manageable so far Developing country dynamism cushions the effect on growth while inflationary
More informationDouble Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)
Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes
More informationPension Reforms Revisited Asta Zviniene Sr. Social Protection Specialist Human Development Department Europe and Central Asia Region World Bank
Pension Reforms Revisited Asta Zviniene Sr. Social Protection Specialist Human Development Department Europe and Central Asia Region World Bank All Countries in the Europe and Central Asia Region Have
More informationPerformance of EBRD Private Equity Funds Portfolio 2003 year end data
Performance of EBRD Private Equity Funds Portfolio 23 year end data Table Of Contents EBRD classifications General information on equity markets Investors data Overview of EBRD s portfolio: EBRD commitments,irrs
More informationServices Policy Reform and Economic Growth in Transition Economies, Felix Eschenbach & Bernard Hoekman
Services Policy Reform and Economic Growth in Transition Economies, 1990-2004 Felix Eschenbach & Bernard Hoekman Question Asked & Stylized Facts Impact of service sector policy reforms on (differences
More information24.5. Highlights of 2010 STATE-OF-THE-ART GAS TURBINE FACILITY MILLION 150 JOINT IFI ACTION PLAN BILLION. FINANCING FOR ON-LENDING TO SMEs MILLION 100
Highlights of 2010 JANUARY The IFC, the EBRD and CRG Capital launch fi rst restructuring fund for central and eastern Europe to support the region s recovery. The CEE Special Situations Fund will focus
More informationWorking with the European Bank for Reconstruction and Development. Matti Hyyrynen 15 th March 2018
Working with the European Bank for Reconstruction and Development Matti Hyyrynen 15 th March 2018 EBRD Introduction An international financial institution supporting the development of sustainable well-functioning
More informationTRADE IN GOODS OF BULGARIA WITH EU IN THE PERIOD JANUARY - JUNE 2018 (PRELIMINARY DATA)
TRADE IN GOODS OF BULGARIA WITH EU IN THE PERIOD JANUARY - JUNE 2018 (PRELIMINARY DATA) In the period January - June 2018 the exports of goods from Bulgaria to the EU increased by 10.7% 2017 and amounted
More informationOesterreichische Kontrollbank AG - more than an Export Credit Agency
Oesterreichische Kontrollbank AG - more than an Export Credit Agency Ferdinand Schipfer Belgrade, 19 March 2013 appealing business partner Austria strong economy at the heart of Europe many flexible SMEs
More informationRunning a Business in Belarus
Enterprise Surveys Country Note Series Belarus World Bank Group Country note no. 2 rev. 7/211 Running a Business in Belarus N ew data from Enterprise Surveys indicate that tax reforms undertaken by the
More informationREDISTRIBUTION & TRANSFERS IN EUROPE & CENTRAL ASIA (ECA): BROAD BRUSH IMPRESSIONS FROM A FULL-COLOR PALETTE. Kathy Lindert June 2013
REDISTRIBUTION & TRANSFERS IN EUROPE & CENTRAL ASIA (ECA): BROAD BRUSH IMPRESSIONS FROM A FULL-COLOR PALETTE Kathy Lindert June 2013 1 ECA SPEED A very rich palette indeed! SOCIAL PROTECTION EXPENDITURE
More informationUsing health spending to achieve fiscal consolidation objectives?
Using health spending to achieve fiscal consolidation objectives? Dr. Tamás Evetovits Senior Health Financing Specialist WHO Regional Office for Europe Outline Let s get the objectives right Dealing with
More informationNew data from Enterprise Surveys indicate that tax reforms undertaken by the government of Belarus
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized WORLD BANK GROUP COUNTRY NOTE NO. 2 29 ENTERPRISE SURVEYS COUNTRY NOTE SERIES Running
More informationUkraine s Vulnerability to a Financial Crisis
Ukraine s Vulnerability to a Financial Crisis Dr. Edilberto Segura Partner & Chief Economist SigmaBleyzer, The Bleyzer Foundation September 2008 v2 1 W H E R E O P P O R T U N I T I E S E M E R G E International
More informationCERTIFICATION PROGRAMME: RISK MANAGEMENT IN BANKING
CERTIFICATION PROGRAMME: RISK MANAGEMENT IN BANKING ORGANISATION SHEET Objectives Methodology Target group Examination Lecturers The certification programme: Risk Management in Banking provides participants
More informationESTONIA. A table finally gives full description and precise details of the process step by step (see Table 1).
ENFORCEMENT OF CHARGES SURVEY ESTONIA First set of results are first presented on the basis of summary indicators relating to the amount a debtor could be expected to recover from the general case as described,
More informationEU Investment Plan for Europe EBRD as a partner in implementation. Zsuzsanna Hargitai, Director, EU Funds Co-Financing & Financial Instruments, EBRD
EU Investment Plan for Europe EBRD as a partner in implementation Zsuzsanna Hargitai, Director, EU Funds Co-Financing & Financial Instruments, EBRD Brussels, 8 February 2017 Some distinctive features of
More informationgreat place to live and to locate you business Ministry of Economy of the Republic of Moldova
Invest in Moldova great place to live and to locate you business Ministry of Economy of the Republic of Moldova Moldova a strategic location Proximity to key markets European Union Market Commonwealth
More informationAlbania. Restructuring Public Expenditure to Sustain Growth. Public Expenditure and Institutional Review
Albania Public Expenditure and Institutional Review Restructuring Public Expenditure to Sustain Growth Sector related presentations-social Protection Tirana March 15, 2007 Main messages 1. Total spending
More informationLuxembourg-Kazakhstan business relations A focus on financial services. 2 March 2017
Luxembourg-Kazakhstan business relations A focus on financial services 2 March 2017 Arendt & Medernach s story in Kazakhstan First visit to Kazakhstan in 2011 Moscow office opened in October 2012 Covering
More informationManaging Risks along the Belt & Road. Navigating Country, Geopolitical and Business Entity Risks with data and analytics
Managing Risks along the Belt & Road Navigating Country, Geopolitical and Business Entity Risks with data and analytics June 2018 FOREWORD The 'Belt and Road Initiative' offers significant benefits in
More informationCorporate Governance Department World Bank Group
Corporate Governance Department World Bank Group Global Good Practices in Corporate Governance Alex Berg Corporate Governance Department The World Bank December 19, 2006 Outline Presentation Outline What
More informationHEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES
HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern
More informationBulgaria in the EU: Challenges and opportunities
Bulgaria in the EU: Challenges and opportunities 60 days before EU: what to expect, what to do? Sofia, October 18, 2006 Maria Laura Lanzeni Head of Emerging Markets Global Risk Analysis Think tank of Deutsche
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 17, 215 Key developments in BIS Banks External Positions and Domestic Credit The reduction of external positions of BIS reporting banks vis-à-vis Central,
More informationGlobal Gateway API. Data Dictionary
Global Gateway API Data Dictionary Albania/ Armenia/ Azerbaijan/ Bosnia & Herzegovina/ Bulgaria/ Belarus/ Croatia/ Estonia/ Georgia/Hong Kong/ Kyrgyzstan/ Kosovo/ Kazakhstan/ Latvia/ Moldova/ Montenegro/
More informationLuxembourg and the EBRD
Luxembourg and the EBRD Cooperation between the EBRD and Luxembourg The EBRD and Luxembourg have collaborated extensively to support projects in the Western Balkans, the Caucasus and Central Asia, where
More informationThe bridge between catastrophe markets and the CEE, CIS & MENA
The bridge between catastrophe markets and the CEE, CIS & MENA Hamilton, Bermuda we are registered in the hub for catastrophe reinsurance We are a specialist reinsurance platform bringing Lloyd s and the
More informationDoing Business 2012 Fact Sheet: Summary of Doing Business Reforms in Eastern Europe and Central Asia
Doing Business 2012 Fact Sheet: Summary of Doing Business Reforms in Eastern Europe and Central Asia Albania made property registration easier by setting time limits for the land registry to register a
More informationArgentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
More informationPAST, PRESENT AND FUTURE OF UKRAINE
PAST, PRESENT AND FUTURE OF UKRAINE European Economic Senate Going am Wilden Kaiser May 7, 2015 Introduction I. Historical Background II. Present Development III. Future Outlook IV. Challenges V. Conclusion
More informationRestructuring bank, corporate and household debt?
CHAPTER 3 Restructuring bank, corporate, and household debt Nonperforming loans picked up during 29 in many ECA countries up to 2 percent of all loans particularly construction and mortgage lending. With
More informationCross-Border Tax Regimes. Steven Sieker Partner, Baker McKenzie 28 June 2018
Cross-Border Tax Regimes Steven Sieker Partner, Baker McKenzie 28 June 2018 Taxation in the Cross-Border Context Payer service recipient / borrower / IP licensee / employer payments for services rendered
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 27, 214 In 213:Q4, BIS reporting banks reduced their external positions to CESEE countries by.3 percent of GDP, roughly by the same amount as in Q3. The scale
More informationAlbania. Restructuring Public Expenditure to Sustain Growth. Public Expenditure and Institutional Review. Sector related presentations-water
Albania Public Expenditure and Institutional Review Restructuring Public Expenditure to Sustain Growth Sector related presentations-water Tirana March 15, 2007 Main messages 1. Despite improvements, water
More informationEBRD Mining Investments Invest Mongolia London, June Eric Rasmussen Director Natural Resources
EBRD Mining Investments Invest Mongolia London, June 2018 Eric Rasmussen Director Natural Resources Mining sector importance for the economies of EBRD Countries of Operations (COOs) Countries with high
More informationInternational Economic Outlook
International Monetary Fund September 9, 16 International Economic Outlook Alejandro Werner Director Western Hemisphere Department 1 Global and Regional Developments Relevant Issues Global and Regional
More informationMacroeconomic Policy, Output, and Employment: Is There Evidence of Jobless Growth?
CHAPTER 3 Macroeconomic Policy, Output, and Employment: Is There Evidence of Jobless Growth? This chapter looks at the links between economic growth and employment trends in the countries of the Region
More informationCROATIAN CHALLENGES WITH MICROFINANCE. WITH MICROFINANCE Modest development with a lot of potential Piotr Korynski
CROATIAN CHALLENGES WITH MICROFINANCE WITH MICROFINANCE Modest development with a lot of potential Piotr Korynski ACCESS TO FINANCE ACCESS TO FINANCE Regional Comparison Access to Finance: Croatia Banks
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 11, 217 Key developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey The external positions of BIS
More informationSlovenia Country Profile
Slovenia Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Slovenia EU Member State Double Tax Treaties With: Albania Armenia Austria
More informationThe impact of global market volatility on the EBRD region. CSE and OCE September 02, 2015
The impact of global market volatility on the EBRD region CSE and OCE September 02, 2015 KEY RECENT DEVELOPMENTS IN CHINA AND COMMODITY MARKETS Emerging markets growth has been decelerating since 2009
More informationBelarus external debt: Sustaining Levels in a Time of Global Crisis 1
The Belarus Public Policy Fund (project of the Pontis Foundation and the Belarusian Institute for Strategic Studies) presents Belarus external debt: Sustaining Levels in a Time of Global Crisis 1 by Gleb
More informationCapital Markets Development in Southeast Europe and Eurasia An Uncertain Future
Capital Markets Development in Southeast Europe and Eurasia An Uncertain Future The Impact of the Global Financial Crisis and the Need for Engagement Presented by: Robert H. Singletary Competitiveness,
More informationSelected World Development Indicators
Selected World Development Indicators Introduction to the Selected World Development Indicators 270 Map The World by Income 273 Tables World View Table 1 Size of the economy 274 Table 2 Quality of life
More informationNote on Revisions. Investing Across Borders 2010 Report
Note on Revisions Last revision: August 30, 2011 Investing Across Borders 2010 Report This note documents all data and revisions to the Investing Across Borders (IAB) 2010 report since its release on July
More informationFinancial Accounting Advisory Services
Financial Accounting Advisory Services Bringing clarity to the accounting for restructuring activities October 2014 Agenda 3 About EY 13 Contacts 15 Page 2 Accounting for restructuring Page 3 Why do companies
More informationEnterprise Europe Network SME growth outlook
Enterprise Europe Network SME growth outlook 2018-19 een.ec.europa.eu 2 Enterprise Europe Network SME growth outlook 2018-19 Foreword The European Commission wants to ensure that small and medium-sized
More informationRecovery and Challenges in Eastern Europe
Recovery and Challenges in Eastern Europe OECD - 7th annual meeting of Senior Budget Officials from Central, Eastern and South-Eastern European countries (CESEE) Zagreb, Croatia, 3 June - 1 July 211 Franziska
More informationFiscal Policy and Economic Growth in Europe and Central Asia: An Overview
CHAPTER 1 Fiscal Policy and Economic Growth in Europe and Central Asia: An Overview Cheryl Gray Since 1990, the countries of Central and Eastern Europe and Central Asia (ECA) have gone through two historic
More informationEase of Doing Business Ministry of Economy and Sustainable Development of Georgia 2018
Ministry of Economy and Sustainable Development of Georgia 2018 GEORGIA S RANKING 2018 Georgia s Ranking In 2012 2018 In 2018 - th place amongst 10 countries Overall distance to frontier (DTF) 82.04 score
More informationAssessing EU-10 Banking Sector s Resilience to Credit Losses
MPRA Munich Personal RePEc Archive Assessing EU-10 Banking Sector s Resilience to Credit Losses Piatkowski, Marcin and Zalduendo, Juan Kozminski University and the World Bank, World Bank 01. January 2010
More informationCroatia Country Profile
Croatia Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Croatia EU Member State Double Tax Treaties With: Albania Armenia Austria Azerbaijan
More informationMacroeconomic overview SEE and Macedonia
Macroeconomic overview SEE and Macedonia Zoltan Arokszallasi Chief Analyst, Macro & FX/FI Research Erste Group Bank Erste Investors Breakfast, 29 September, Skopje 02. Oktober SEE shows mixed performance
More informationTaking Stock: Coverage
1 Taking Stock: Coverage External Economic Environment Recent Economic Developments in Vietnam Special Topic 1: Trade Facilitation, Competitiveness, and Growth in Vietnam Special Topic 2: Corruption and
More informationFinland Country Profile
Finland Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Finland EU Member State Double Tax Treaties With: Argentina Armenia Australia
More informationInternational Financial Market Indicators Short-Term Interest Rates Long-Term Interest Rates Stock Indices Corporate Bond Spreads
International Financial Market Indicators Short-Term Interest Rates Long-Term Interest Rates Stock Indices Corporate Bond Spreads Table A A A3 A4 Financial Indicators of the Austrian Corporate and Household
More informationKPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009
More informationHow Do the Challenges Facing Emerging Europe Compare?
How Do the Challenges Facing Emerging Europe Compare? 12 th CEI Summit Economic Forum Mark Allen Senior IMF Resident Representative for Central and Eastern Europe First Shock: collapse in trade 6 4 World
More informationWorking with the European Bank for Reconstruction and Development in Cyprus
Working with the European Bank for Reconstruction and Development in Cyprus September 2017 What is the EBRD? An international financial institution, with the mandate to promote transition to modern and
More information