With 189 when asia was the world pdf countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth.
Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Mobility The report finds that economic growth in Europe and Central Asia has been stronger than previously expected. At the same time, the region is facing both opportunities and challenges with regard to new technologies, more flexible labor contracts, and migration. Outlook GDP growth in the Europe and Central Asia region will reach 2.
2017, its strongest growth in six years and 0. 3 percentage points more than previously forecast. The region’s export volume growth continues to exceed the global average. Central Europe and the Western Balkans continue to register solid GDP growth, while the Russian Federation and Belarus have come out of recession. Only Azerbaijan, the country that was hardest hit by the fall in oil prices, and that responded with some delay, is expected to remain in recession this year.
The improved growth outlook comes with a normalization of inflation, lower unemployment rates, and in many countries, moderate fiscal deficits. Inflation in Kazakhstan and Russia has plummeted from the double-digit rates after the fall in oil prices. In several countries, unemployment rates have fallen below pre-2008 levels and labor participation rates are above pre-crisis levels. The average fiscal deficit this year is 1. Despite this robust cyclical performance, however, daunting challenges have come to the surface. In many countries, the share of full-time permanent jobs in total employment has declined.
The rising share of flexible contracts is driven by a wave of new technologies and the rapid growth of digital platforms for commercial activities. These new technologies will increase efficiency, but they will also change the distributions of wealth and income. The banking sector remains fragile in many countries, and weaknesses have become more exposed in countries that directly or indirectly depend on commodity exports. Moreover, the financial sectors in the region are struggling to absorb new technologies and meet new demand for risky capital. Regional economic and political cohesion is being tested.