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Foreign direct investment, financial flows, private-sector development, humanitarian assistance, Africa
Vijaya Ramachandran is a non-resident fellow at the Center for Global Development. She works on the impact of the business environment on the productivity of firms in developing countries, and is the coauthor of an essay titled "Development as Diffusion: Manufacturing Productivity and Africa's Missing Middle,” published in the Oxford Handbook on Economics and Africa. Ramachandran is also studying the unintended consequences of rich countries’ anti-money laundering policies on financial inclusion in poor countries. She has published her research in journals such as World Development, Development Policy Review, Governance, Prism, and AIDS and is the author of a CGD book, Africa’s Private Sector: What’s Wrong with the Business Environment and What to Do About It. Prior to joining CGD, Ramachandran worked at the World Bank and in the Executive Office of the Secretary-General of the United Nations. She also served on the faculties of Georgetown University and Duke University. Her work has appeared in several media outlets including the Economist, Financial Times, Guardian, Washington Post, New York Times, National Public Radio, and Vox.
Originally published in October 2013 and updated January 2015
Food security has arisen again on the development agenda. High and volatile food prices took a toll in 2007–08, and in many low-income countries agricultural yields have risen little, if at all, in the last decade. Moreover, food production in these poor countries is especially vulnerable to climate change. Meeting this demand is a global challenge. The Food and Agriculture Organization of the United Nations (FAO) is expected to lead the way in meeting this challenge and, with the arrival in 2012 of the first new director-general in 18 years, it has an opening to restructure itself to do so.
January 12, 2014 marks the fourth anniversary of the massive quake in Haiti that left over 200,000 people dead and several million people homeless. The response from rich countries was overwhelming—over $9 billion was disbursed towards relief and reconstruction efforts ($3 billion from the United States, an estimated $3 billion in private contributions, and another $3 billion from foreign governments).
January 12 will mark the third anniversary of the tragic Haiti earthquake that killed over 220,000 people, displaced millions, and flattened much of Port au Prince. Damage and losses estimated at $7.8 billion exceeded Haiti’s entire GDP at the time. The country received unprecedented support in response: more than $9 billion has been disbursed to Haiti in public and private funding since 2010. Private donations alone reached $3 billion, much of it from individuals donating small sums via text messages to the Red Cross and other charities. Official donors tripled their assistance from 2009; in 2010 aid flows were 400 percent of the Haitian government’s domestic revenue.
Development Finance Institutions (DFIs)—which provide financing to private investors in developing economies—have seen rapid expansion over the past few years. This paper describes and analyses a new dataset covering the five largest bilateral DFIs alongside the IFC which includes project amounts, standardized sectors, instruments, and countries. The aim is to establish the size and scope of DFIs and to compare and contrast them with the IFC.
Last month, the Indian Express reported that India might not accept aid from the United Kingdom after April 2011. India has been the largest single recipient of British aid, receiving more than €800m (about $1.25b) since 2008. This announcement is perhaps symbolic of the fine line that India is walking between being a “developed” and “developing” country. It is the eleventh largest economy in the world, growing 8-9% annually. But it is also home to one-third of the world’s poor—there are more poor people in India than in all of Sub-Saharan Africa.
Nonetheless, over the past decade, India has quietly transitioned to a donor country, emerging on the world stage as a significant provider of development assistance.
Attention presidential transition teams: the Rethinking US Development Policy team at the Center for Global Development strongly urges you to include these three big ideas in your first year budget submission to Congress and pursue these three smart reforms during your first year.