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The authorities' determined implementation of stabilization measures over the past year has helped to avert a macroeconomic crisis. If the deterioration of the macroeconomic environment in 2010-11 was rapid, the improvement in the situation in the past twelve months has been equally swift. Regaining macroeconomic stability has been costly, but not stabilizing the economy would have led to even bigger losses. Real gross domestic product (GDP) growth has decelerated from 6.8 percent in 2010 to 5.9 percent in 2011, and further to 4 percent in the first quarter of 2012 as higher prices has lowered domestic demand, affecting sectors such as construction, manufacturing and utilities. Industrial production has slowed, inventory for key industrial products has accumulated, and a number of small and medium enterprises have either closed, been liquidated or temporarily suspended their operations. While the stabilization efforts may have contributed to a cyclical slowdown, Vietnam's trend growth rate has been on a downward path for the last 5-6 years, largely on account of the slow pace of structural reforms. Inefficiencies in state-owned enterprises, banks and public investments have been a drag on the country's long-term growth potential. With gains from macroeconomic stabilization still recent and fragile, especially in an external environment that is fraught with uncertainty, the government needs to be careful not to shift to an expansionary stance prematurely.

The Arab Spring in the Middle East and North Africa (MENA) region has brought to the forefront key challenges: the need to create job opportunities, equal access, a level playing field, transparency and accountability, and a fair and competitive environment. Crony capitalism, the privileged access of certain elites to favorable legal and regulatory treatment, access to markets, and the coincidence of political and economic power, was a major concern contributing to the uprising. Many saw privilege and corruption as the source of unemployment and inequality, effectively raising barriers to entry and growth for the majority of entrepreneurs. At the same time, practices such as connected lending and preferential land allocations, contributed to poor performance of key institutions, underpinning the market economy. It is critical for the MENA countries to achieve the aspirations of their people and attain sustainable and inclusive development by expanding private-led employment and creating entrepreneurship opportunities. This report assesses the supply and demand of financial services to small and medium enterprises (SMEs) in the MENA region, as well as the regulatory, institutional and policy environment that determines the cost, risk, and scale of SME finance. Emerging and promising SME finance models for banks, investors, government and regulators are outlined. These could significantly improve the outreach, viability, risk management, and development impacts of SME finance in the MENA region. SMEs need access to longer term credit products and equity, in addition to working capital loans and trade finance. They also need payment and card services, deposit facilities, liquidity management, risk management tools and insurance. The principal role of the state is as an enabler and regulator, providing the financial infrastructure, and legal and policy frameworks that financial institutions need to be able to meet the range of SME financial needs profitably. All this will contribute to attaining a more sustainable and inclusive system that can play a more important role in economic growth, and the regions prosperity.

Banks in emerging markets are increasingly providing non-financial services to their SME clients, typically consisting of information sharing, training and consultancy. This study, published by IFC in partnership with the Austrian Government, is the first to explore reasons behind this trend, finding that banks' key motivations include attracting and retaining customers, and strengthening portfolio quality. The report consists of an overview followed by case studies of three banks, namely Türk Ekonomi Bankasý (TEB), Standard Chartered Bank (SCB), and ICICI Bank. It is estimated that there are 365 to 445 million formal and informal micro, small, and medium enterprises, with a subset of 25 to 35 million formal SMEs, in the developing world. Of these, 70 percent do not use external financing from financial institutions, although they are in need of it. Approximately 85 percent suffer from credit constraints.

The World Bank and The United Nations Children's Fund (UNICEF) jointly developed this report to calculate the potential human and economic benefits to be gained from increasing nutrition investments in the Kyrgyz Republic. This report provides compelling evidence of the potential to improve health and economic outcomes through scaling up effective nutrition interventions and introducing new proven interventions to reduce the direct causes of under nutrition in order to support the Kyrgyz government's commitment to the well-being and prosperous future of the Kyrgyz people. This situational analysis examines and quantifies the scope of under nutrition in the Kyrgyz Republic by presenting: (1) the epidemiology of under nutrition; (2) an estimate of the health consequences of under nutrition in terms of mortality and disability adjusted life years (DALYs), and the economic losses due to lost workforce and productivity; (3) the health, social protection, and agriculture and food intervention systems relevant to delivering interventions for improving nutrition; (4) the current coverage of nutrition interventions; and (5) the potential economic gains achievable by scaling up effective nutrition interventions. The current context is very favorable for scaling up nutrition interventions in the Kyrgyz Republic. Investing in nutrition has increasingly proven to have excellent development and health returns. The international development community has recognized (1) the need to scale up nutrition interventions; (2) the potential for public-private partnerships; and, (3) a growing consensus around a common framework for action. Reducing under nutrition worldwide is a priority for the World Bank and UNICEF, and also critical to achieving the Millennium Development Goals (MDGs).

The objectives of the Costing Adaptation through Local Institutions (CALI) study were (a) to identify the costs of adaptation through local institutions, and (b) to investigate which institutions help households adapt to climate variability, which efforts and costs are needed to realize the adaptation options, and how they facilitate adaptation to climate variability. The study was carried out in Ethiopia, Mali, and Yemen. This report discusses the results for Yemen. In Yemen, village surveys were conducted in six villages and two expert workshops were organized to discuss the main framework of the study and to evaluate the draft results. The study assessed household vulnerability, analyzed the strategies households adopt to reduce the impacts of climate hazards, and evaluated the assistance households receive from different institutions. The analysis was based on household surveys, focus group discussions, and institutional stakeholder interviews. Vulnerability profiles, developed on the basis of field survey results, show that household vulnerability differs substantially between and within villages. The results show that the vulnerability and agro ecological potential in Yemen are related to rainfall, which is related to altitude. This study is a reflection of the insights that (a) poor, rural households are facing most of the climate variability- related hazards; (b) adaptation also has socioeconomic aspects; (c) understanding local adaptation processes is important for informing macro-policies; and (d) for prioritizing future adaptation, it is crucial to analyze historical adaptation strategies. The study involves an assessment of the adaptation options rural household pursue. The study also considers the differential access of various vulnerability groups, as well as the drivers for adopting particular strategies or constraints for not adopting other strategies. For this, households and institutional stakeholders were interviewed in six villages in Yemen, focus group discussions were organized, and experts were consulted.

Although a number of m-money businesses have emerged around the world, few have reached significant scale. Overall, m-money uptake is limited when contrasted with its apparent promise of reaching the unbanked and underserved, servicing existing banking clients, and being a means for realizing a cashless society. This study examines the following in more detail: existing major money flows and the critical mass of low-value, high-volume payment transactions and whether m-money can be used for them (i.e., potential demand); regulatory environment and major obstacles for m-money uptake; business models of partnering institutions; payment behavior of users and nonusers (banked and unbanked), in particular where they receive funds and how they use money, including alternative means; and existing and potential agents networks, their requirements to run m-money as a viable business, and their training needs. This report provides detailed information on Thailand regarding five main topics, business models, money flows and demand, potential user perceptions and behavior, regulation, and agent networks.

Although a number of m-money businesses have emerged around the world, few have reached significant scale. Overall, m-money uptake is limited when contrasted with its apparent promises of reaching the unbanked and underserved, of servicing existing banking clients, and of being a means for a cashless society. This study examines the following in more detail: existing major money flows and the critical mass of low-value, high-volume payment transactions and whether m-money can be used for them (i.e., potential demand); regulatory environment and major obstacles for m-money uptake; business models of partnering institutions; payment behavior of users and nonusers (banked and unbanked), in particular where they receive funds and how they use money, including alternative means; and existing and potential agents networks, their requirements to run m-money as a viable business, and their training needs. This report provides detailed information regarding the five main topics as they relate to Brazil, business models, money flows and demand, potential user perceptions and behavior, regulation, and agent networks.

Higher education (HE) systems worldwide are faced with three main challenges: providing young people with the skills required by the job market; improving access to high quality services; and seeking out new sources of financing to cope with the growing student demand. This document will provide evidence on the need to seek sustainable financing strategies for countries in Middle East and North Africa (MENA), whether they are high income economies, such as the oil producing countries, or low to middle income economies. Chapter one presents an overall description of HE graduates and the many challenges they face in their transition into the workforce. The different elements that affect this transition are discussed and special attention is given to the mismatches between labor supply and demand. Chapter two analyses the current levels of spending on HE, projects the future financing gaps taking into account the need to continue expanding access and improving quality and relevance, and provides a framework for funding approaches linked to meeting access, equity, and quality goals. Chapter three outlines ways of using current funds in more effective ways, emphasizing the need to align financing allocations with policy goals. Innovative funding allocations that link funding to performance and demand- as well as supply-side mechanisms are discussed. Chapter four discusses different ways to diversify sources of funding and presents alternative methods of cost-sharing. The chapter emphasizes the equity measures needed for cost-sharing mechanisms, such as student fees, and provides an overview of student loan programs used in MENA and elsewhere. Chapter five discusses the role of private provision of HE, and how this can be an alternative to increase access and quality, provided the necessary regulatory and quality controls are in place. Chapter six describes an alternative source of funding not yet common in MENA, namely the use of philanthropic resources to build endowments to support HE.

Inclusive growth (IG) analysis involves analyzing the available data in a country to determine the best course of action for accelerating growth and or improving the distribution of the opportunities and benefits from the growth process. In economies in which international migration is a significant trend, that determination may be especially challenging. The international migration phenomenon can contribute to (or detract from) growth and its distribution through myriad number of complex and sometimes divergent channels, and these effects can change substantially over time. The ability to analyze these impacts, however, is often significantly handicapped by a lack of appropriate data. Moreover, because the migration decision is inherently a private decision made by households in the best interest of their welfare, determining the policy conclusions based on the results of inclusive growth analysis is often unclear. Governments are rightfully wary of interfering with the migration process. This paper examines the issue of international migration in inclusive growth. The aim is to provide the practitioners of inclusive growth diagnostics a useful framework for assessing the nature of the international migration phenomenon, and to highlight the key tools utilized in evaluating its current and potential impact on shared growth.

This technical note highlights some of the work the World Bank has recently conducted in support of the growth agenda outlined in the Europe 2020 strategy. The World Bank is actively supporting the new member states, as well as accession and neighborhood countries, in achieving the Europe 2020 targets of smart, sustainable, and inclusive growth. The engagement consists of policy and program lending in these areas as well as analytical work. This note focuses on highlighting some of the Bank's analytical Europe 2020 work pertaining to raising employment rates and skills levels as well as to spur innovation and technology absorption. The technical note is structured as follows: section one provides the macroeconomic background, and highlights how the economies of the European Union (EU)-10 countries were steadily catching up with those of the EU-15 countries, but then the catching-up was interrupted by the onset of the global financial and economic crisis. Section two focuses on low employment rates in EU-10 countries, particularly among older and less-educated workers, women, and minority groups, in particular Roma, and highlights some key issues in the organization of labor markets and labor market related institutions. Section three focuses more specifically on skills development across the life cycle, with a brief discussion on selected policy areas: (1) expansion of early childhood development programs to universal coverage; (2) adopting ambitious, comprehensive approaches to schooling to support higher levels of generic skills for all; and (3) strengthening access to and efficiency of tertiary education through higher education financing reform and data collection as a basis for system steering. Section four focuses on innovation and technology absorption, highlighting how more and more efficient research and development (R&D) spending will boost economic growth in EU10 countries.

This study outlines the initial challenge presented by the HIV/AIDS epidemic, describes Djibouti's response, reviews the results achieved and the enabling factors in curbing the spread of the epidemic, and identifies remaining challenges. Between 2002 and 2008, HIV prevalence among young pregnant women aged 15-24 was reduced from 2.7 percent to 1.9 percent and among sentinel surveillance groups from 2.5 percent to 1.9 percent. HIV prevalence among tuberculosis patients was reduced from an estimated 22 percent to 12 percent. Condom use during last intercourse outside marriage increased from 27 percent to 55 percent and reached 95 percent among sex workers. Among the general population, awareness of HIV/AIDS increased to 95 percent and knowledge about transmission and prevention rose to 50 percent. Political commitment, engagement of community and religious leaders, rigorous communication, social marketing and the provision of an integrated package of medical and social services, and donor harmonization were among the key factors that contributed to the achievement of these results. Despite these impressive results in a relatively short period, Djibouti still has to address several challenges and consolidate program gains, but most importantly, funds are being mobilized from government resources to sustain the national AIDS control program.

Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions, equity financing remains a challenge in developing economies. The role of international finance institutions (IFIs) and development finance institutions (DFIs) to foster SME financing in the developing world has been significant so far. Increasing access to finance can only be successful if qualitative aspects are taken into account.

Despite its volatile history, the Islamic Republic of Iran has performed well on social indicators, especially in providing basic services such as health care and education. Iran's fertility decline may have proceeded in two stages, the first beginning in the late 1960s. The Iranian government introduced a family planning program during the 1960s with explicit health and demographic objectives. Between 1967 and 1977, fertility declined-mainly in urban areas-to an average of 4 children per woman. Although the family planning program continued after the 1979 Islamic revolution, it was suspended after war broke out with Iraq in 1980. During the war, the government pursued a pronatalist population policy, including incentives for childbearing. The fertility decline coincided with improvements in primary and secondary education, possibly affecting the rapid decline in adolescent fertility during 1997-2006, especially when compared to other Middle East and North Africa region countries. Today regional disparities in fertility exist with higher fertility in less developed districts. Yet Iran's example shows how good public policy interventions in health (including family planning) and education can reduce fertility and contribute to human development.

Egypt's growth accelerated in the second half of FY10. Real Gross Domestic Product (GDP) growth in FY10 reached 5.8 percent, up from 4.4 percent in FY09 and 4.8 percent in FY10, taking up overall GDP growth to an average of 5.3 percent for the full FY10. Egypt's macroeconomic outlook is stable. Assuming that domestic demand holds up, and Egyptian exports continue their observed recent trend, we expect that the Egyptian economy grows in the range of 6.0 to 6.2 percent in FY11. This is underpinned by strong commitment to maintain structural reforms momentum, and a relatively stable global economy. However, unemployment will remain a challenge as growth as high as 6 percent will barely absorb the increasing number of new entrants to the labor market. Unemployment will continue to be an overriding concern and will gradually fall to around 8.7 percent in FY11. Finally, inflationary pressures are expected to rise, as global prices are likely to filter to domestic consumer prices, domestic demand will gain more solid ground, and gradual adjustment of energy prices will be implemented. Interest rates are not thus expected to rise, yet real interest rates will remain low or negative. This outlook is consistent with that of standard and poor's ratings services which affirmed in 2010.

This report synthesizes data from surveillance, behavioral surveys and published and unpublished research to better understand emerging patterns and trends in the HIV epidemic in Bangladesh. Taking stock of 20 years of experience with HIV in Bangladesh, this report summarizes what is known about the coverage and impact of HIV prevention services, including knowledge on risk and protective behaviors. The report is divided into nine chapters. Chapter one provides a brief introduction and an overview of the methodology used for this exercise. Chapter two discusses the risks and vulnerabilities of the high risk groups including female sex workers, injecting drug users, male who have sex with male, hijra and overlapping populations, while chapter three discusses the trend of the infection amongst partners of high risk groups. Bangladesh continues to report low condom use, which is analyzed and discussed in chapter four. Structural factors including macro level and intermediate level factors that affect HIV interventions in Bangladesh are addressed in chapter five. The national HIV response is discussed in chapter six. The report concludes with a discussion of the main findings, with recommendations for the future in chapter seven, and chapter eight and nine are annexes and references.