In 2014, the collapse of global oil prices and the resulting increase in fiscal deficits and debt triggered a wave of spending cuts, tax policy and subsidy reforms. The introduction of excises and VAT, broadening of CIT, and subsidy reform have changed the GCC fiscal landscape. Little is known on how those recent changes have been impacting the economy. This paper first highlights the fiscal history and current fiscal landscape across the GCC. It then utilizes both macroeconomic and firm-level financial data to an…

Climate change is among humanity's greatest challenges, and the Middle East and Central Asia (ME&CA) region is on the frontlines of its human, physical, and economic ramifications.Much of the region lies in already harsh climate zones, where global warming exacerbates desertification, water stress, and rising sea levels.This trend entails deep economic disruptions, endangers food security, and undermines public health-with ripple effects on poverty, inequality, displacement, and conflict.While recognition of these…

Despite starting as one of the poorest countries in the mid-1980s, Vietnam has achieved rapid developmental progress, reaching lower middle-income status in 2010. In line with rapid economic growth, Vietnam has achieved impressive progress towards the Sustainable Development Goals (SDGs) during this time. This paper sheds light on some elements of Vietnam’s success story, highlighting crucial policies in education and electricity sectors. It undertakes a forward-looking costing exercise that focusses on five secto…

Despite starting as one of the poorest countries in the mid-1980s, Vietnam has achieved rapid developmental progress, reaching lower middle-income status in 2010. In line with rapid economic growth, Vietnam has achieved impressive progress towards the Sustainable Development Goals (SDGs) during this time. This paper sheds light on some elements of Vietnam’s success story, highlighting crucial policies in education and electricity sectors. It undertakes a forward-looking costing exercise that focusses on five secto…

Ensuring that state-owned enterprises (SOEs) are efficient and managed prudently is important for economic and social reasons. It is also crucial to contain fiscal risks and reduce the burden on taxpayers from recurrent and large bailouts. Governments need to develop stronger capacity to monitor and mitigate the risks from SOEs. We present a risk tool to benchmark the performance of SOEs relative to their peers and assess their vulnerabilities, including through stress tests. A strategy to mitigate risks requires …