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Additionally, the Philippines and the World Bank have set goals for the Philippines by 2040. By that time, the Philippines wants to be free from poverty and sustain a prosperous middle class. [39] In order to do so, the World Bank estimates that income per capita must triple by way of having its economy grow at an average annual rate of 6.5%. [40]
Vietnam joined the World Bank Group (WBG) on 21 September 1956. [1] Before the mid-1980s, Vietnam was one of the world's least developed countries.A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country.
The provinces of Vietnam are subdivided into second-level administrative units, namely districts (Vietnamese: huyện), provincial cities (thành phố trực thuộc tỉnh), and district-level towns (thị xã).
According to the World Bank, Vietnam has been a development success story. Its economic reforms since the beginning of Đổi Mới in 1986 have helped to change Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation.
The World Bank’s assistance program of foreign aid to Vietnam has three objectives: to support Vietnam's transition to a market economy, to enhance equitable and sustainable development, and to promote good governance. [1]
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...
According to data provided by the World Bank, economic growth in the Philippines competes sufficiently with the GDP per capita percent growth of neighboring countries; the Philippine GDP per capita in 2021 was $3,548.8 compared to 3,694.0 in Vietnam, and 4,291.8 in Indonesia. [42]