Finance & Economics | WPN World People News

Stable growth momentum in the OECD area

Moldova has made significant progress in simplifying its business regulations and improving the investment climate and business environment, but the progress has been uneven and more can be done.

The OECD Working Group on Bribery has serious concerns about Iceland’s lack of progress in combatting the bribery of foreign public officials, and to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. In 2010, the Working Group made 17 recommendations to Iceland for improving its fight against foreign bribery. By 2012, just 2 of the recommendations had been fully implemented. Since then, Iceland has created an Inter-Ministerial Steering Group to implement the outstanding recommendations. Otherwise, Iceland has made little effort to further implement the recommendations.

OECD Member countries agreed to open membership discussions with Costa Rica and Lithuania on April 9. The decision was taken during a meeting of the OECD’s governing body, the Council, in Paris. It follows the decision taken by Council in May 2013 to work closely with Costa Rica and Lithuania to prepare for their future accession process.

The electricity sector in the Palestinian Territories has been undergoing reforms to increase its efficiency but non-payment to the largest supplier, the Israel Electric Corporation (IEC), remains a key challenge that is impacting the overall fiscal situation. A recent World Bank report examines the factors that deter the systematic payments, including the lack of institutionalized and transparent invoicing by the IEC, as well as the high interest rates for late payments set unilaterally by the Israeli regulator.

On March 25, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of San Marino.

Moldova’s real GDP grew 4.6 percent in 2014, but has been slowing down since the third quarter of the year. The economy is projected to go into a recession in 2015, reflecting the negative shocks from external demand, remittances and financing. The forecast for 2016 is also less optimistic, as main trading partners from the CIS are expected to recover only gradually, and trade growth with the EU is below the potential. In the longer term, strong reforms in all sectors of the economy are needed to improve the living standards of Moldova’s citizens.

The Steering Committee of the International Monetary Fund’s Regional Technical Assistance Center for Southern Africa (AFRITAC South) met in Johannesburg, South Africa, from April 1–2, 2015.

World Bank Group President Jim Yong Kim Tuesday announced a broad strategy to end extreme poverty by 2030, and he welcomed emerging players such as the Asian Infrastructure Investment Bank and the New Development Bank, established by the BRICS countries, as potentially strong allies in the economic development of poor countries and emerging markets.