The Innovation Imperative for Developing East Asia

Abstract

This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.

Objective and imperative meaning of financial policy at micro level

“…Finances in editions of the encyclopedic level are presented as monetary relations that arise in the process of forming and using monetary funds, national income, and gross domestic product. The main elements of finance at the on-farm level are cost price, cost, price, capital, income and expenses, profit/loss, tangible and intangible assets, short-term and long-term liabilities, funds, and many others (Cirera et al, 2021). Being dynamic in nature, finance and its components are in constant flux.…”

A New Dawn for Global Value Chain Participation in the Philippines

“…Nearly 80 percent of innovating firms in the Philippines cite a lack of managerial and leadership skills as a challenge when hiring new workers, while more than half cite work ethics and commitment, lack of interpersonal and communication skills, and scarcity of technical (non-information technology) skills. Between 20 and 40 percent of such firms cite computer, ICT, or foreign language skills as critical challenges when it comes to hiring (Cirera et al 2021). This finding echoes a 2009 assessment of the training policies that the Commission on higher Education, the Technical Education and Skills Development Authority, and the industry have to address employment mismatch (U-ACT 2009).…”

“…of which the banking system holds about 94 percent (Cirera et al 2021). Nonfinancial corporations are highly interconnected with the financial system through mixed structures that include nonfinancial corporations and banks.…”

The Demand for Digital and Complementary Skills in Southeast Asia

“…Among the nondigital skills, 24 are cognitive and 29 are socioemotional. The remaining two-thirds of skills are 12 We acknowledge that the skills listed in vacancies may diverge from those actually employed by workers in firms; indeed, enterprise surveys from the region show large gaps between employers' notional skills demands and workers' supply of skills -digital and otherwise -in local labor markets (Cirera et al 2021). 13 To assist with the categorization of digital skills, we also use the O*NET-based methodology for calculating digital occupation scores in Muro et al (2017).…”