GLOBAL ECONOMIC PROSPECTS, JUNE 2023

By the World Bank

Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious.

Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth

July 2023. 194 pages.

Stock no. C211951

(ISBN: 978-1-4648-1951-3). US$49.50

Coming Soon

GLOBAL ECONOMIC PROSPECTS, JANUARY 2024

January 2024. 184 pages. Stock no. C212017 (ISBN: 9781464820175). US$49.50

Jobs For Development

Applying a Jobs Lens to Structural Change and Economic Growth

By Andreas Eberhard-Ruiz, Dino Merotto, Federica Saliola, and Ian Walker

Development reaches people through jobs. Economic growth transforms societies. But it is through increases in labor income from jobs that people reap these gains. Yet the limited availability of quality jobs remains the most pressing economic problem in developing countries.

Jobs for Development: Applying a Jobs Lens to Structural Change and Economic Growth applies a jobs-focused approach to development, which puts the creation of more productive and better-paying jobs at the center of country growth strategies. To support the approach, it presents an empirically grounded conceptual and operational framework built on new global, regional, country, and subnational data from over three decades that reveal how patterns of jobs and production vary across different stages of the development process. It aims to help practitioners prioritize country-specific policy areas around three pillars: production, people, and places.

The report’s main aim is operational. It makes three contributions to the debate on how jobs can be integrated in development projects and programs, by: 1) helping focus country diagnostics on the creation of more productive and better-paying jobs with economic growth; 2) providing new knowledge from global and in-country patterns of employment as countries develop; and 3) offering practitioners guidance on how to improve the design and monitoring of programs and projects to maximize their impact on jobs.

December 2023. 300 pages. Stock no. C212011 (ISBN: 978-1-4648-2011-3). US$43.95

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How the COVID-19 Pandemic Eroded Human Capital and What to Do about It

March 2023. 186 pages. Stock no. C211901 (ISBN: 9781464819018). US$43.95