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"This inaugural issue of the World Bank Groupl's Global Investment Competitiveness report presents novel analytical insights insights and empirical evidence on foreign direct investment;s (FDI) drivers and contributions to economic transformation. Three key features distinguish this report from other publications on FDI studies. Firstly, its insights come from a variety of sources, including a new survey of investor perspectives, extensive analysis of available data and evidence, and a thorough review of international best practices in investment policy design and implementation. Secondly, the report provides targeted, in-depth analysis of FDI differentiated by motivaion, sector, and geographic origin and destination of investment. Thirdly, the report offers practical and actionable recommendations to developing country governments. The report's groundbreaking survey of more than 750 executives of multinational corporations investing in developing countries finds that--in addition to political stability, security, and macroeconomic conditions--a business-friendly legal and regulatory environment is the key driver of investment decisition. The report also explores the potential of FDI to create new growth opportunities for local firms, assesses the effectiveness of fiscal incentives in attracting FDI, analyzes the characteristics of FDI originating in developing countries--so-called South-South and South-North FDI--and examines the experience of foreign investors in countries afflicted by conflict and fragility"--Back cover

Developing East Asia has led the way in showing how rapid and broadly shared growth can lift millions out of poverty. And, as this book shows, the region has achieved even more: the wave of prosperity across the region since the 1980s has lifted three out of five of its citizens into economic security, where their risk of falling into poverty is minimal. Alongside this, a solid middle class has emerged in most countries. But these successes do not guarantee that inclusive growth--growth that reduces poverty and delivers upward mobility and economic security for all--is assured. The region has become more diverse, with progress varying across countries and extreme poverty increasingly concentrated among specific groups. Roughly a fifth of the region's population still remains at risk of falling into poverty and prospects for upward mobility are seen as increasingly elusive across the income distribution, reflecting a growing concentration of income and wealth and limited access to basic social services. Challenges old and new, including rapid aging and less certain growth prospects, are also increasing the premium on economic security for all. Riding the Wave is about how countries across the region can effectively confront these challenges and achieve inclusive growth

Why are carefully designed, sensible policies too often not adopted or implemented? When they are, why do they often fail to generate development outcomes such as security, growth, and equity? And why do some bad policies endure? This book addresses these fundamental questions, which are at the heart of development. Policy making and policy implementation do not occur in a vacuum. Rather, they take place in complex political and social settings, in which individuals and groups with unequal power interact within changing rules as they pursue conflicting interests. The process of these interactions is what this Report calls governance, and the space in which these interactions take place, the policy arena. The capacity of actors to commit and their willingness to cooperate and coordinate to achieve socially desirable goals are what matter for effectiveness. However, who bargains, who is excluded, and what barriers block entry to the policy arena determine the selection and implementation of policies and, consequently, their impact on development outcomes. Exclusion, capture, and clientelism are manifestations of power asymmetries that lead to failures to achieve security, growth, and equity. The distribution of power in society is partly determined by history. Yet, there is room for positive change. This Report reveals that governance can mitigate, even overcome, power asymmetries to bring about more effective policy interventions that achieve sustainable improvements in security, growth, and equity. This happens by shifting the incentives of those with power, reshaping their preferences in favor of good outcomes, and taking into account the interests of previously excluded participants. These changes can come about through bargains among elites and greater citizen engagement, as well as by international actors supporting rules that strengthen coalitions for reform

This Report aims to inspire and guide the researchers and practitioners who can help advance a new set of development approaches based on a fuller consideration of psychological and social influences. (Page 2)

"Cover" -- "Contents" -- "Foreword" -- "Acknowledgments" -- "Abbreviations" -- "Overview: Strengthening the analog foundation of the digital revolution" -- "Digital transformations—digital divides" -- "How the internet promotes development" -- "The dividends: Growth, jobs, and service delivery" -- "The risks: Concentration, inequality, and control" -- "Making the internet universal, affordable, open, and safe" -- "Analog complements for a digital economy" -- "Global cooperation to solve global problems" -- "Reaping digital dividends for everyone" -- "Notes" -- "References" -- "Spotlight 1: How the internet promotes development" -- "Part 1: Facts and analysis" -- "Chapter 1: Accelerating growth" -- "Connected businesses" -- "More trade, higher productivity, and greater competition" -- "Digital technologies can lead firms and countries to diverge" -- "The nexus of technology and regulation" -- "The future of markets" -- "Notes" -- "References" -- "Sector focus 1: Agriculture" -- "Spotlight 2: Digital finance" -- "Chapter 2: Expanding opportunities" -- "Connected people" -- "Creating jobs, boosting labor productivity, and benefiting consumers" -- "Labor market polarization can lead to greater inequality" -- "The race between skills and technology" -- "The future of jobs" -- "Notes" -- "References" -- "Sector focus 2: Education" -- "Spotlight 3: Social media" -- "Chapter 3: Delivering services" -- "Connected governments" -- "Greater state capability and citizen participation" -- "Digital technologies too often fail to empower citizens" -- "The gap between technology and institutions" -- "The future of public services" -- "Notes" -- "References" -- "Sector focus 3: e-health" -- "Part 2: Policies" -- "Chapter 4: Sectoral policies" -- "Making the internet universal, affordable, open, and safe" -- "Shaping the digital economy".

Acknowledgments -- Executive summary -- Overview -- Background and motivation -- Structure of the report and questions asked -- A profile of refugees -- Welfare and poverty -- Vulnerability -- Policies -- A comparative analysis across countries and data sets -- Appendix -- Conclusions -- References

Digital technologies are spreading rapidly, but digital dividends-the broader benefits of faster growth, more jobs, and better services-are not. If more than 40 percent of adults in East Africa pay their utility bills using a mobile phone, why can't others around the world do the same? If 8 million entrepreneurs in China-one third of them women-can use an e-commerce platform to export goods to 120 countries, why can't entrepreneurs elsewhere achieve the same global reach? And if India can provide unique digital identification to 1 billion people in five years, and thereby reduce corruption by billions of dollars, why can't other countries replicate its success? Indeed, what's holding back countries from realizing the profound and transformational effects that digital technologies are supposed to deliver? Two main reasons. First, nearly 60 percent of the world's population are still offline and can't participate in the digital economy in any meaningful way. Second, and more important, the benefits of digital technologies can be offset by growing risks. Startups can disrupt incumbents, but not when vested interests and regulatory uncertainty obstruct competition and the entry of new firms. Employment opportunities may be greater, but not when the labor market is polarized. The internet can be a platform for universal empowerment, but not when it becomes a tool for state control and elite capture. The World Development Report 2016 shows that while the digital revolution has forged ahead, its "analog complements"-the regulations that promote entry and competition, the skills that enable workers to access and then leverage the new economy, and the institutions that are accountable to citizens-have not kept pace. And when these analog complements to digital investments are absent, the development impact can be disappointing. What, then, should countries do? They should formulate digital development strategies that are much broader than current information and communication technology (ICT) strategies. They should create a policy and institutional environment for technology that fosters the greatest benefits. In short, they need to build a strong analog foundation to deliver digital dividends to everyone, everywhere