In a typical developing country, about 70 percent of workers and 30 percent of production are informal. Informality is a cause and a consequence of the lack of economic and institutional development. It implies productive inefficiency and a culture of evasion and noncompliance. Informality,...

Universal health coverage is a social goal that enables everyone to receive the quality health care they need, irrespective of ability to pay, without suffering financial hardship in the process. To move toward that goal, policy makers should address three main considerations: the population to...

Growth in global trade has been slow since 2012. While global trade downturns are not unprecedented, the observed change in the relationship of trade to GDP poses the question whether the trade slowdown is a transitory deviation or a more long-lasting phenomenon brought about by structural...

In developing countries, structural transformation started much later, mostly in the 1900s. The structural transformation of the agricultural sector has been characterized by the relative decline of basic agriculture; the rising importance of agribusiness, which includes the value added for...

COVID-19 not only represents a worldwide public health emergency but has become an international economic crisis that could surpass the global financial crisis of 2008–09. Right now, containment and mitigation measures are necessary to limit the spread of the virus and save lives. However,...

Corruption robs the public of precious resources, distorts the incentives to engage in productive activities, destroys confidence in public institutions, and spurs political instability. It disproportionately harms the poor and vulnerable. In turn, corruption is the result of perverse...

A current account deficit is sustainable when its underlying drivers support a smooth correction in the future. It is unsustainable when symptomatic of macroeconomic imbalances that would eventually trigger disruptive adjustments. Although a current account deficit in itself is neither good nor...

Will the revolution in digital and information technologies make us obsolete? Will jobs be lost and never replaced? Will wages drop to intolerable levels? History and economic theory and evidence suggest that in the long term, such fears are misplaced. However, in the short and medium term,...

The pros and cons of making data more accessible to the public have been widely debated. Proponents of open data argue that it is good practice for governments because it fosters transparency, promotes greater participation, and encourages sharing of ideas, which is important in building a...