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This is a joint post with Owen McCarthy.
At the next meeting of its Executive Board in Rome on November 8, the management of the World Food Programme (WFP) will propose an expanded financing facility to the tune of $557 million to fund advance purchases of food. This is a welcome news that has the potential to cut hunger, by stretching WFP dollars and speeding deliveries.
Last weekend’s communiqué from the G-20 finance ministers is a first step to bridge the divide in the ongoing currency wars. I find both hope and disappointment in the Communiqué. It is very positive that the G-20 ministers have called for the IMF to help identify countries with policies leading to large and unsustainable imbalances. This is a step in the right direction, although no specific quantitative indicators have yet been advanced.
Reports of progress last weekend notwithstanding, the so-called currency wars—the reality and threat of competitive devaluations—are likely to continue to dominate the news about the upcoming Seoul G-20 Summit.
This post is joint with Enrique Rueda-Sabater
Moving from the clearly obsolete G-7 to a broader group that reflects the reality of today’s world makes eminent sense. Doing it on the basis of a grouping improvised during the crisis-before-last (and making sure that it included the then-favorite finance ministers of the U.S. and Canadian sponsors) is squandering the opportunity to move up to a credible, transparent, global governance platform.
I received this e-mail from Alasdair Roberts, editor of the journal Governance, with regard to my paper on global governance (which first appeared as a CGD working paper in February 2009).
This is a joint post with Julie Walz.
Last month, the Indian Express reported that India might not accept aid from the United Kingdom after April 2011. India has been the largest single recipient of British aid, receiving more than €800m (about $1.25b) since 2008. This announcement is perhaps symbolic of the fine line that India is walking between being a “developed” and “developing” country. It is the eleventh largest economy in the world, growing 8-9% annually. But it is also home to one-third of the world’s poor—there are more poor people in India than in all of Sub-Saharan Africa.
Nonetheless, over the past decade, India has quietly transitioned to a donor country, emerging on the world stage as a significant provider of development assistance.
The McKinsey Global Institute, the research arm of consulting giant McKinsey &Co, has just released its latest report, Lions on the Move: The Progress and Potential of African Economies. The report concludes that “Africa's economic growth is creating substantial new business opportunities that are often overlooked by global companies.
This is a joint posting with Julia Barmeier.
Today, UNESCO’s director-general, Irina Bokova, announced that the UNESCO-Obiang Prize would be suspended so that UNESCO’s executive board can study the situation. The Board will take up the issue again in October. Ms. Bokova released a statement saying:
“I have heard the voices of the many intellectuals, scientists, journalists and of course governments and parliamentarians who have appealed to me to protect and preserve the prestige of the organization. I have come to you with a strong message of alarm and anxiety. I am fully aware that the Executive Board made a decision two years ago (to establish the prize), but I believe that given the changing circumstances and the unprecedented developments of the past months, we must be courageous and recognize our responsibilities for it is our organization that is at stake. Therefore I will not set a date for awarding the UNESCO-Obiang Prize for the Life Sciences.”
This is a joint post with Julia Barmeier.
Tuesday, June 15 marks the last day that the board of the United Nations Educational, Scientific, and Cultural Organization (UNESCO) can object to the UNESCO-Obiang International Prize for Research in the Life Sciences, which is made possible by a $3 million grant given to UNESCO by Equatorial Guinea’s dictator of 31 years—Obiang Nguema Mbasogo. As we blogged earlier, UNESCO gets to keep half of the money as a finder’s fee for identifying the winner. If the award ceremony does go forward, Obiang plans to attend, along with UNESCO's director-general, Irina Bokova.
This is a joint posting with Julia Barmeier
The oil leak in the Gulf of Mexico is turning out to be the worst environmental disaster in United States history—we now know that as much as 40 million gallons of oil may end up in the Gulf, destroying wildlife and livelihoods, and taking years to clean up.
Spills of this magnitude are not new to the developing world. Take Nigeria, for example. Due to poor regulation and pervasive corruption, we do not know for certain how much oil has leaked into the Niger Delta region. In 2006, it was reported that 500 million gallons of oil—a quantity not that different from the new estimates of the Gulf leak --has been spilt in the Delta over the past 50 years. The Nigerian National Petroleum Corp estimates that some 650,000 gallons of oil were spilled in 300 separate incidents each year; other reports indicate that Shell (which is now looking to drill in the Arctic) spilled nearly 4.5 million gallons of oil into the Niger Delta in the last year alone.