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WDR 2014: Full Text

WDR 2014, Risk and Opportunity: Managing Risk for Development

Full Text

The path of economic development is paved with risks and opportunities. On the one hand, facing risk is a difficult challenge; on the other, the opportunity for growth and welfare improvement may never materialize without confronting and even taking risks. This is true for individuals, families, enterprises, and nations.

The World Development Report (WDR) 2014 examines how improving risk management can lead to larger gains in development and poverty reduction. It will argue that improving risk management is crucial to reduce the negative impacts of shocks and hazards, but also to enable people to pursue new opportunities for growth and prosperity. Risk management is also a shared responsibility that requires the active participation of different economic and social systems, as well as the State.

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World Development Report 2014: Risk and Opportunity: Managing Risk for Development

Main Messages (multilingual)

English | Español | Français | عربي | Русский | português | 中文

Overview (multilingual)

English | Español | Français | عربي | Русский | português | 中文

Chapter One: Risk Management Can Be a Powerful Instrument for Development

Risk management can save lives, avert damages, and unleash opportunities.

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Chapter Two: Beyond the Ideal: Obstacles to Risk Management and Ways to Overcome Them

Identifying risks is not enough. The obstacles to risk management must also be identified, prioritized, and corrected through private and public action.

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In this video Stéphane Hallegatte and Kyla Wethli introduce chapters 1 and 2 of the report.

Chapter Three: Households Are the First Line of Support to Confront Risk

When households have access to more effective ways to cope with shocks, they can afford to pursue ventures that generate higher incomes and put them on a path to prosperity.

In this video Ana Maria Oviedo introduces chapter 3 of the report.

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Chapter Four: Cohesive and Connected Communities Create Resilience

Communities help people cope with adversity but often struggle with larger shocks and long-term preparation. The state can empower and complement communities as they confront risk.

In this video Rasmus Heltberg introduces chapter 4 of the report.

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Chapter Five: Fostering Resilience and Prosperity through a Vibrant Enterprise Sector

In an ever-changing world, a key to economic resilience is a vibrant enterprise sector that allocates resources efficiently, promotes innovation, and protects workers and consumers.

In this video Xubei Luo introduces chapter 5 of the report.

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Chapter Six: More Financial Tools, Fewer Financial Crises: The Role of the Financial System in Managing Risk

Only by providing useful risk-management tools and keeping its house in order can the financial system fulfill its socially beneficial risk management function.

In this video Martin Melecky introduces chapter 6 of the report.

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Chapter Seven: Managing Macroeconomic Risk: Building Stronger Institutions for Better Policy Outcomes

To manage risk properly, policy makers must graduate from being crisis managers to cycle managers.

In this video César Calderón introduces chapter 7 of the report.

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Chapter Eight: When Risks Exceed National Capacity: The Role of the International Community

Managing risks that surpass national boundaries requires a proactive international community that sets the incentives right, builds risk management capacity, and targets the most vulnerable.

In this video Inci Otker-Robe introduces chapter 8 of the report.

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