Haven't similar experiences in the debt crises of the 1980's, Russia in 1998, and Argentina in 2001 taught us that waiting too long to restructure in situations of clear insolvency can be more costly in the end?
Interestingly, this phenomenon -- mobility out of poverty accompanied by higher income concentrations and persistent inequality -- is evident in all regions of the world, with the exception of one: Latin America and the Caribbean (LAC)
Latin American multinationals are becoming world players - no longer content to be mere
primary-good exporters as in the past, they are staking claims as major investors, launching
projects and investing in local operations all over the globe.
On June 21, the World Bank is expected to submit to its Board of Directors a credit of $684 million for a 1,000-kilometer-long transmission line from Ethiopia to Kenya. Strong evidence links this transmission line to the Gibe III Dam.
Take the case of the upsurge of export barriers in response to rising world prices of food staples. While a particular country might put in place such a barrier to keep food at home and prices low, the effects in importing countries are negative.
As Dartmouth's outgoing president, World Bank Group President-Elect Jim Yong Kim stressed the importance of interdisciplinary research. The need for students to engage with the rest of the world. To push beyond their comfort zone.
Now the dust has settled, let's celebrate the race for the World Bank presidency. We had the highest quality field in history and a winner who just might manage to refocus the institution on the dominant challenge of development today: inequality.
How has the unique economic history of different countries shaped them, what is it like to do business there now because of that legacy, and what lessons can they learn from other countries with a similar background?
While future commentaries will chronicle Robert B. Zoellick's acts and deeds, it is worth pausing, this weekend, as he completes his last major world forum as president, to recall the initiative he launched at his first major world forum.
So far, from Brazil to Russia and from China to South Africa, labor markets have proven resilient to sluggish GDP growth. But there is no better ally of employment than strong, dynamic and inclusive growth. We are still far away from getting that.
Youth in the Middle East and North Africa need to succeed in a "double transition": first, they need to obtain relevant skills and credentials that make them employable, and second, they have to find a job in a notoriously non-meritocratic labor market.