We are continuing to seek our Shadow Board members' views on whether the Official Cash Rate (OCR) should be negative and if the Reserve Bank should expand its quantitative easing (QE). Board members once again saw a reduced need for a negative OCR and further QE over the coming year. The expected implementation of a Funding for Lending programme (FLP) by the Reserve Bank was highlighted by some Board members as an influence on their view about the need for further stimulus. The Reserve Bank has indicated it was likely to implement the programme to offer secure long-term funding at low interest rates to banks by the end of this year. The aim of the FLP was to reduce borrowing costs for households and businesses in order to encourage them to borrow and invest. Shadow Board members continue to highlight the challenges facing New Zealand as it navigates the post-COVID recovery. However, members generally remain sceptical about the effectiveness of a negative OCR to stimulate the economy.
Countries around the world are increasingly alert to the potential social and financial benefits of Central Bank Digital Currencies (CBDCs), which are sovereign cryptocurrencies. ASEAN should start thinking of a regional-digital currency to stay ahead and deepen regional economic integration.
The NZIER has been collecting information about the confidence of New Zealand businesses since 1975. We publish the results in the NZIER Quarterly Survey of Business Opinion (QSBO). When we reported that business confidence had fallen dramatically in late 2017, the Government, the Opposition, the press and all the other economists in New Zealand had a view on what this meant. Depending on who you talked to, the results were meaningless, a harbinger of doom, another example of the vast right-wing conspiracy or an interesting example of the views of businesses that provided some insights into how parts of the economy were tracking. Our own take is the QSBO is an important measure when interpreted carefully, but shouldn't be viewed in isolation of other data when making predictions. Given the level of interest in this topic, we have undertaken some more detailed analysis of the QSBO.
Discussion about the potential for a recession to hit at least one of the major economies has intensified in recent months. The US Federal Reserve has become more cautious about the outlook for the US economy, and over the past year has moved from a hiking bias to cutting interest rates. Here in New Zealand, the Reserve Bank embarked on another easing cycle by cutting the Official Cash Rate (OCR) at its May meeting and followed up with a 50 basis points cut at its August meeting. We look at what current conditions are telling us about the state of the New Zealand economy, and by considering the common indicators of a recession discuss how worried we should be. We also look at the levers available to try and combat the effects of a recession.
Korea and Vietnam have maintained more than 25 years of diplomatic relations. During the periods remarkable progress has been made in improving and upgrading their ties. A strategic partnership was signed between the two countries in 2009 in addition to free trade commitments under the framework of the ASEAN-Korea agreement (AKFTA). As a result, the trade and investment between Vietnam and Korea has increased exceptionally. Moreover, Vietnam's growth potential has been highly estimated due to favorable economic conditions such as increase in FDI inflow, multi- and bilateral FTAs, the establishment of the ASEAN Economic Community (AEC) and so on. With its abundant low-wage workers, political stability, large-scale population also serving as positive factors for investment attraction into Vietnam, Korea's investments to Vietnam are rapidly increasing.
The present report is the second instalment of the state of the Bangladesh economy in FY2016 prepared under CPD's flagship programme titled Independent Review of Bangladesh Development (IBRD). The primary objective of this report is to put forward a set of recommendations in the context of the national budget for FY2017. This report will be followed by a comprehensive analysis of the Bangladesh economy covering FY2016, to be released prior to the presentation of FY2017 budget. The final instalment of this year's IRBD will come up with CPD's reactions to the FY2017 budget once it is presented on June 2016. The present report has been prepared on the basis of analysis of most recent data relating to key macroeconomic, fiscal and monetary variables. The report has also drawn from the recommendations voiced at the pre‐budget dialogue organised by the CPD in Bogra that focused on development of small and medium enterprises (SMEs). Yet another consultation was organised by the CPD with young entrepreneurs and professionals, and their views have also been reflected in this report. CPD had conducted an online opinion survey through Facebook and email platforms to get feedbacks from citizens on expectations from FY2017 budget. This was the first time for the CPD, and views of the participants of this survey have been incorporated in this report. The report has two parts. Section 2 of this report presents a brief overview of the macroeconomic developments in FY2016 which will inform the upcoming budget. In Section 3, recommendations in the context of the upcoming national budget will be presented under six broad categories – fiscal framework, revenue mobilisation, public expenditure, financing of budget deficit, fiscal measures, and economic reforms and transparency in budgetary system. Section 4 closes the report with some concluding remarks.
`The Indonesian Parliament has approved the 2016 budget, which was prepared entirely by President Joko "Jokowi" Widodo's administration.2 Concern about declining growth since the end of the commodity boom in 2011 has prompted the government to increase public spending in order to maintain growth in the coming year. The new budget sets its economic growth target at 5.3 percent in 2016, up from 4.7 percent in 2015, which was the lowest level in a decade. Given that exports and investments are expected to remain subdued due to the weak global economy, public sector spending is expected to be the main driver of growth in the short term. Jokowi has commenced the construction of several key infrastructure projects, such as the building of roads, ports, dams, and power plants, across the archipelago. Moreover, to attract investments into the country, the government has introduced a series of economic packages aimed at cutting down the costs of doing business and at improving the business climate. Amidst continued global uncertainties and the weakened domestic economy, 2016 will be a challenging year for Indonesia. Last year, public spending failed to act as a growth catalyst. This year, however, the expectation that the public sector will deliver the needed boost to the economy is higher. This essay critically examines Indonesia's 2016 budget, and specifically discusses key components and new trends that are notable in it, as well as the key challenges faced by the Jokowi's administration in achieving its development targets.
The 2016 Budget for Malaysia was tabled on 23 October, 2015. It has drawn much interest as it is the first budget under the 11th Malaysia Plan (2016-2020), which is the last medium-term plan in the nation's journey to 'high income' status as laid out in its Vision 2020. Themed 'Prospering the Rakyat', the 2016 Budget continues to be guided by the 'people economy', a concept coined in the previous budget. This budget's allocation for 2016 amounts to RM 265 billion, with 81 per cent for operating expenditure and 19 per cent for development expenditure. The Budget has five priorities, the first three of which are economic – strengthening economic resilience, enhancing productivity, and empowering human capital. The fourth and fifth are more social, and are for advancing the bumiputera agenda and easing the cost of living for the Rakyat. The priorities, their proportion of the total budget allocation, and key strategic initiatives are set out in Table 1.
This paper analyzes the poverty and inequality implications of removing agricultural and non-agricultural price distortions in the domestic market of the Philippines and abroad. Liberalization in the rest of the world is poverty and inequality reducing, whereas full domestic liberalization increases national poverty and inequality. Poverty declines while inequality increases marginally in the combined scenario of both global and domestic agriculture reform. Although the reduction in the national poverty headcount is small in the latter scenario, the poorest of the poor, particularly those living in the rural areas, emerge as 'winners', given their strong reliance on agricultural production and unskilled labor wages.
This synthesis paper is based on a review of three countries in West Africa-Burkina Faso, Mali, and Mauritania where state owned enterprises (SOEs) continue to play an important role and Governments have embarked on a number of public sector reforms are intended to have a positive impact on SOEs. SOE governance practices and problems are having strong similarities in all of the countries reviewed. These commonalities can be ascribed to the fact that all of the countries are transitioning from centrally controlled economic and political traditions to more liberal economies and to a more democratic government. All are facing challenges with implementing the legal structures left behind from colonial times. The data that is available shows that wholly-owned and state controlled SOEs under perform. Many are technically insolvent and survive only through government support. Their performance is not only poor in the financial area but also in the provision of needed social services. The country studies link the poor performance of SOEs, in particular wholly-owned SOEs, to their governance practices. Long-lasting reforms are not simply a matter of plugging holes in the legislative or institutional framework. Corporate governance is the result of a complex interplay of law, practice, institutions and culture. Action plans need to take into account incentives and the political, social and cultural context of corporate governance in the country in addition to the legal framework. Indeed, SOE governance is a system and making it work better requires a systems approach. Most reform plans in the past have focused on one or another element of SOE governance, which might explain why many have fallen short of hopes and expectations. Systems approaches, on the other hand, are important in complex organizations (such as SOEs) whose success depends upon the interaction and cooperation of other organizations and institutions. This synthesis paper presents the objectives and the methodology used in carrying out the reviews followed by a discussion of the features and importance of SOEs in each of the countries studied. It then segues into a discussion on the performance of SOEs which is supplemented by case studies of both successful and unsuccessful SOEs and key lessons learned the paper then presents the current Government initiatives for reform and the remaining challenges and recommendations. The paper concludes with suggestions on how to implement the recommendations based on examples from other countries that have embarked on comprehensive governance reforms for the SOE sector.
This paper tracks the process through which FIAS, the investment climate advisory service of the World Bank Group advised the government of Latvia from 1998 to 2004 on ways to improve the business environment, achieve higher rates of economic growth, and thereby alleviate poverty. This case study shows that it is reasonable to describe how assistance by FIAS led to an improved business environment. The role that FIAS advice played may be discerned at the level of benefits accruing to the target population (i.e., the amount of resources freed up by lower costs associated with administrative procedures). Whether these benefits accruing to the business community translated into higher rates of investment and productivity, and thus to higher economic growth and reduced poverty, is a function of the entire political, social, and economic structure in Latvia. It is evident that there are many links in the chain of causation, and that the direct attribution FIAS can claim diminishes at every step downstream from its activities. Credit for success must be shared with the Government of Latvia and its immediate stakeholders (i.e., the businesses and their associations), the European Union accession process, the input of many other complementary projects, market forces, and fortuitous timing.
The year 2020, verging to a close, is one of the most difficult and hardest years in the life of mankind over the last century. Unfortunately, it is in the 20th year of each century for the last several hundred years that human civilization has been suffering from another global pandemic (to say nothing of local and regional pandemics)… Several pandemics of plague killed at least 300 million people, and the highest incidence in Europe occurred in 1720‒1722. In 1817‒1824, the First Cholera Pandemic spread across the world. One hundred years later, in 1918‒1920, fifty million lives worldwide were claimed by the Spanish flu (H1N1). For a year now, starting in December 2019 and throughout 2020, the entire world is fighting the 21st century pandemic – the global COVID-19 outbreak caused by the SARS-CoV-2 coronavirus. Despite all the difficulties that humanity faces today, life goes on, and the world scientific community is persistently looking for ways to get out of the latest pandemic trap. The world has learned the lessons of pandemics and learned to use the acquired knowledge and scientific legacy of past generations. This led to a quick response to the challenges that life presents us. In December 2020, at this writing, several pharmaceutical companies have already announced the invention of vaccines and the final stages of their trials. We hope that our esteemed authors and readership will witness yet another victory of science over the world's evil. 10 years ago to the day, creation of the History of Science and Technology journal began. Therefore, we would like to summarize some of the work undertaken over the years. The first issue of History of Science and Technology was published in 2011. The founder of the journal was the State Economy and Technology University of Transport. State Economy and Technology University of Transport was one of the three universities in Ukraine that mainly trained specialists for the railway industry. It is the teachers, students and staff of the State Economy and Technology University of Transport who became the primary authors of the first journal issues. Therefore, in the first years after the journal was created, its focus on the study of the history of the development of railway transport and related areas was apparent. Back then the journal was titled History of Science and Technology: Collection of scientific papers of the State Economic and Technological University of Transport. Printed versions of the journal were regularly distributed in libraries of higher educational institutions and research institutions of Ukraine. The electronic version of the full-text issue of the journal (without division into separate articles) was posted on the University library website. Gradually, the journal began to gain popularity, and as far back as in 2013‒2015 it received a large audience of readers and authors across regions and organizations from all over Ukraine. Accordingly, the themes of the articles changed, being no longer limited to rail transport, but extended to the study of the history of all branches of science and various technologies instead. In 2016, the journal History of Science and Technology replaced its founder. It was the State University of Infrastructure and Technologies which was established through the decree of Ukrainian government dated February 29, 2016 by way of merger of two metropolitan higher educational institutions – Kyiv State Maritime Academy named after hetman Petro Konashevych-Sahaidachnyi and State Economy and Technology University of Transport. Accordingly, the name of the journal has changed into History of Science and Technology: Collection of scientific papers of State University of Infrastructure and Technologies. The next stage in the life of the journal was the creation of its separate website in March 2018. Since then, work has begun on a deeper reform of the journal, which continues to this day. History of Science and Technology journal is constantly changing. Thus, steps have been taken to improve the design of the journal and bring it into line with internationally recognized standards. The composition of the journal's editorial board has undergone significant personnel changes. In April 2019, it underwent state re-registration of the print media and acquired its current name – History of Science and Technology journal. However, fundamental steps have been taken towards filling the journal with original and high-qualty scientific content that would be of interest not only to the Ukrainian reader but also to foreign reader. Strict analysis in the selection of articles, strict plagiarism policy, independent double-blind peer review, as well as numerous other steps and innovations, have affected the number of published articles. If in 2019 approximately 25% of submitted articles were rejected, in 2020 this figure reaches almost 60%. Although hopefully, a change in quality of articles for the better followed the change in their number. They have really become interesting to the international world community, as evidenced by statistics on daily visits to the journal's website by representatives from around the world. The journal generated interest among authors from different countries and continents. In the first issue of History of Science and Technology for the year 2020, articles by authors representing universities and research organizations from Ghana, Canada, USA, Spain, Russia and Ukraine were published. Thus, in the second issue of 2020, History of Science and Technology journal introduces its readers to articles by authors from around the world, namely Azerbaijan, India, Indonesia, Italy, Spain and Ukraine. While summing up our 10 years' work, we would like not to be limited to bare figures. Thus, History of Science and Technology has published 10 volumes and 17issues over the years, which include more than 400 articles by various authors. And of course, each of these published articles has undergone a great deal of work by authors, editors, reviewers, proof-readers, print workers, etc. All these people primarily have always been trying to make History of Science and Technology journal interesting for you, our Readers! Our team will keep working enthusiastically and persistently on it! ; The year 2020, verging to a close, is one of the most difficult and hardest years in the life of mankind over the last century. Unfortunately, it is in the 20th year of each century for the last several hundred years that human civilization has been suffering from another global pandemic (to say nothing of local and regional pandemics)… Several pandemics of plague killed at least 300 million people, and the highest incidence in Europe occurred in 1720‒1722. In 1817‒1824, the First Cholera Pandemic spread across the world. One hundred years later, in 1918‒1920, fifty million lives worldwide were claimed by the Spanish flu (H1N1). For a year now, starting in December 2019 and throughout 2020, the entire world is fighting the 21st century pandemic – the global COVID-19 outbreak caused by the SARS-CoV-2 coronavirus. Despite all the difficulties that humanity faces today, life goes on, and the world scientific community is persistently looking for ways to get out of the latest pandemic trap. The world has learned the lessons of pandemics and learned to use the acquired knowledge and scientific legacy of past generations. This led to a quick response to the challenges that life presents us. In December 2020, at this writing, several pharmaceutical companies have already announced the invention of vaccines and the final stages of their trials. We hope that our esteemed authors and readership will witness yet another victory of science over the world's evil. 10 years ago to the day, creation of the History of Science and Technology journal began. Therefore, we would like to summarize some of the work undertaken over the years. The first issue of History of Science and Technology was published in 2011. The founder of the journal was the State Economy and Technology University of Transport. State Economy and Technology University of Transport was one of the three universities in Ukraine that mainly trained specialists for the railway industry. It is the teachers, students and staff of the State Economy and Technology University of Transport who became the primary authors of the first journal issues. Therefore, in the first years after the journal was created, its focus on the study of the history of the development of railway transport and related areas was apparent. Back then the journal was titled History of Science and Technology: Collection of scientific papers of the State Economic and Technological University of Transport. Printed versions of the journal were regularly distributed in libraries of higher educational institutions and research institutions of Ukraine. The electronic version of the full-text issue of the journal (without division into separate articles) was posted on the University library website. Gradually, the journal began to gain popularity, and as far back as in 2013‒2015 it received a large audience of readers and authors across regions and organizations from all over Ukraine. Accordingly, the themes of the articles changed, being no longer limited to rail transport, but extended to the study of the history of all branches of science and various technologies instead. In 2016, the journal History of Science and Technology replaced its founder. It was the State University of Infrastructure and Technologies which was established through the decree of Ukrainian government dated February 29, 2016 by way of merger of two metropolitan higher educational institutions – Kyiv State Maritime Academy named after hetman Petro Konashevych-Sahaidachnyi and State Economy and Technology University of Transport. Accordingly, the name of the journal has changed into History of Science and Technology: Collection of scientific papers of State University of Infrastructure and Technologies. The next stage in the life of the journal was the creation of its separate website in March 2018. Since then, work has begun on a deeper reform of the journal, which continues to this day. History of Science and Technology journal is constantly changing. Thus, steps have been taken to improve the design of the journal and bring it into line with internationally recognized standards. The composition of the journal's editorial board has undergone significant personnel changes. In April 2019, it underwent state re-registration of the print media and acquired its current name – History of Science and Technology journal. However, fundamental steps have been taken towards filling the journal with original and high-qualty scientific content that would be of interest not only to the Ukrainian reader but also to foreign reader. Strict analysis in the selection of articles, strict plagiarism policy, independent double-blind peer review, as well as numerous other steps and innovations, have affected the number of published articles. If in 2019 approximately 25% of submitted articles were rejected, in 2020 this figure reaches almost 60%. Although hopefully, a change in quality of articles for the better followed the change in their number. They have really become interesting to the international world community, as evidenced by statistics on daily visits to the journal's website by representatives from around the world. The journal generated interest among authors from different countries and continents. In the first issue of History of Science and Technology for the year 2020, articles by authors representing universities and research organizations from Ghana, Canada, USA, Spain, Russia and Ukraine were published. Thus, in the second issue of 2020, History of Science and Technology journal introduces its readers to articles by authors from around the world, namely Azerbaijan, India, Indonesia, Italy, Spain and Ukraine. While summing up our 10 years' work, we would like not to be limited to bare figures. Thus, History of Science and Technology has published 10 volumes and 17issues over the years, which include more than 400 articles by various authors. And of course, each of these published articles has undergone a great deal of work by authors, editors, reviewers, proof-readers, print workers, etc. All these people primarily have always been trying to make History of Science and Technology journal interesting for you, our Readers! Our team will keep working enthusiastically and persistently on it! ; The year 2020, verging to a close, is one of the most difficult and hardest years in the life of mankind over the last century. Unfortunately, it is in the 20th year of each century for the last several hundred years that human civilization has been suffering from another global pandemic (to say nothing of local and regional pandemics)… Several pandemics of plague killed at least 300 million people, and the highest incidence in Europe occurred in 1720‒1722. In 1817‒1824, the First Cholera Pandemic spread across the world. One hundred years later, in 1918‒1920, fifty million lives worldwide were claimed by the Spanish flu (H1N1). For a year now, starting in December 2019 and throughout 2020, the entire world is fighting the 21st century pandemic – the global COVID-19 outbreak caused by the SARS-CoV-2 coronavirus. Despite all the difficulties that humanity faces today, life goes on, and the world scientific community is persistently looking for ways to get out of the latest pandemic trap. The world has learned the lessons of pandemics and learned to use the acquired knowledge and scientific legacy of past generations. This led to a quick response to the challenges that life presents us. In December 2020, at this writing, several pharmaceutical companies have already announced the invention of vaccines and the final stages of their trials. We hope that our esteemed authors and readership will witness yet another victory of science over the world's evil. 10 years ago to the day, creation of the History of Science and Technology journal began. Therefore, we would like to summarize some of the work undertaken over the years. The first issue of History of Science and Technology was published in 2011. The founder of the journal was the State Economy and Technology University of Transport. State Economy and Technology University of Transport was one of the three universities in Ukraine that mainly trained specialists for the railway industry. It is the teachers, students and staff of the State Economy and Technology University of Transport who became the primary authors of the first journal issues. Therefore, in the first years after the journal was created, its focus on the study of the history of the development of railway transport and related areas was apparent. Back then the journal was titled History of Science and Technology: Collection of scientific papers of the State Economic and Technological University of Transport. Printed versions of the journal were regularly distributed in libraries of higher educational institutions and research institutions of Ukraine. The electronic version of the full-text issue of the journal (without division into separate articles) was posted on the University library website. Gradually, the journal began to gain popularity, and as far back as in 2013‒2015 it received a large audience of readers and authors across regions and organizations from all over Ukraine. Accordingly, the themes of the articles changed, being no longer limited to rail transport, but extended to the study of the history of all branches of science and various technologies instead. In 2016, the journal History of Science and Technology replaced its founder. It was the State University of Infrastructure and Technologies which was established through the decree of Ukrainian government dated February 29, 2016 by way of merger of two metropolitan higher educational institutions – Kyiv State Maritime Academy named after hetman Petro Konashevych-Sahaidachnyi and State Economy and Technology University of Transport. Accordingly, the name of the journal has changed into History of Science and Technology: Collection of scientific papers of State University of Infrastructure and Technologies. The next stage in the life of the journal was the creation of its separate website in March 2018. Since then, work has begun on a deeper reform of the journal, which continues to this day. History of Science and Technology journal is constantly changing. Thus, steps have been taken to improve the design of the journal and bring it into line with internationally recognized standards. The composition of the journal's editorial board has undergone significant personnel changes. In April 2019, it underwent state re-registration of the print media and acquired its current name – History of Science and Technology journal. However, fundamental steps have been taken towards filling the journal with original and high-qualty scientific content that would be of interest not only to the Ukrainian reader but also to foreign reader. Strict analysis in the selection of articles, strict plagiarism policy, independent double-blind peer review, as well as numerous other steps and innovations, have affected the number of published articles. If in 2019 approximately 25% of submitted articles were rejected, in 2020 this figure reaches almost 60%. Although hopefully, a change in quality of articles for the better followed the change in their number. They have really become interesting to the international world community, as evidenced by statistics on daily visits to the journal's website by representatives from around the world. The journal generated interest among authors from different countries and continents. In the first issue of History of Science and Technology for the year 2020, articles by authors representing universities and research organizations from Ghana, Canada, USA, Spain, Russia and Ukraine were published. Thus, in the second issue of 2020, History of Science and Technology journal introduces its readers to articles by authors from around the world, namely Azerbaijan, India, Indonesia, Italy, Spain and Ukraine. While summing up our 10 years' work, we would like not to be limited to bare figures. Thus, History of Science and Technology has published 10 volumes and 17issues over the years, which include more than 400 articles by various authors. And of course, each of these published articles has undergone a great deal of work by authors, editors, reviewers, proof-readers, print workers, etc. All these people primarily have always been trying to make History of Science and Technology journal interesting for you, our Readers! Our team will keep working enthusiastically and persistently on it!
This report documents sri lanka's financial management systems covering budgeting, funds flow, accounting and reporting, and auditing systems. it provides insights into sri lanka's internal control systems, staffing resource capacity, and information technology structure. the intent is to give project teams and consultants a better understanding of the country's financial management systems in order to improve project preparation. find out how high-quality financial management assessments support projects by identifying key risks and enabling the implementation of appropriate actions and reforms to mitigate those risks.
