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The Changing Wealth of Nations Measuring Sustainable Development in the New Millennium

The Changing Wealth of Nations Measuring Sustainable Development in the New Millennium. Kirk Hamilton Development Research Group The World Bank. Outline. The wealth of nations in 2005 What changed? 1995-2005 Saving for the future Special topics: Intangible wealth and CO 2 Policy messages.

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The Changing Wealth of Nations Measuring Sustainable Development in the New Millennium

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  1. The Changing Wealth of NationsMeasuring Sustainable Developmentin the New Millennium Kirk Hamilton Development Research Group The World Bank

  2. Outline • The wealth of nations in 2005 • What changed? 1995-2005 • Saving for the future • Special topics: Intangible wealth and CO2 • Policy messages

  3. The Wealth of Nations in 2005

  4. Where is the wealth of Ghana? Shares of total wealth, 2005 Total wealth / capita: $9,500 Shares of natural wealth, 2005

  5. Where is the wealth of Scandinavia? Shares of total wealth, 2005 Total wealth / capita: $717,000 (average of Denmark, Norway and Sweden) Shares of natural wealth, 2005

  6. Composition of total wealth Shares of comprehensive wealth, by income class, 2005 • Natural capital is most important in low income countries—more than twice as large as produced capital • In middle income countries natural capital and produced capital are roughly equal • Intangible wealth dominates in all countries, especially in high income countries

  7. Composition of natural wealth Percentage shares of natural wealth, by developing region, 2005

  8. What changed? 1995-2005

  9. How did wealth change from 1995 to 2005? Growth in total and per capita wealth by region Globally, wealth grew 34% in total and 17% per capita

  10. Development & changing composition of wealth Lower-middle income countries: shares of total wealth 1995-2005

  11. Change in total wealth by type of asset $ billion, 1995-2005

  12. Saving for the future

  13. Extending our measures of wealth creation

  14. Long-run trends in genuine saving

  15. Many resource-rich countries are consuming their wealth

  16. How rich would countries be in 2005 if they had invested rents from resource extraction?

  17. Above 2% population growth, net saving per capita was largely negative in 2005

  18. Special topics: Intangible wealth and CO2

  19. Intangible capital consists of more than human capital Elasticities of output with respect to production factors n/s – not statistically significant

  20. Value of the net stock of historical emissions of CO2, 2005

  21. CO2 efficiency is low in developing countries – scope for green growth? Value of net historical stock of CO2 as %of GNI, 2005

  22. “How we measure development will drive how we do development”

  23. Policy implications • Strengthen natural resource management • Invest resource rents in other assets • Lower carbon footprints – ‘green growth’ • Invest in people • Build institutions

  24. Thank you! http://data.worldbank.org

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