Why in the News?

The Indian Chief Economic Adviser recently expressed worry about credit rating agencies using the World Bank's Worldwide Governance Indicators to assess ratings, particularly for developing countries.

About Worldwide Governance Indicators:

• The Worldwide Governance Indicators is based on a long-standing research programme of The World Bank.
• It was first established in 1996 to measure the quality of governance in over 200 countries.
• These aggregate indicators are derived from over 30 individual data sources produced by a variety of survey institutes, think tanks, non-governmental organizations, international organizations, and private sector firms.
• The indicators capture six key dimensions of governance including:
• Voice and Accountability
• Political Stability and Absence of Violence
• Government Effectiveness
• Regulatory Quality
• Rule of Law
• Control of Corruption
• According to The World Bank, corruption is the single greatest obstacle to economic and social development.

About The World Bank:

• The World Bank is an international financial institution that provides financial and technical assistance to developing countries around the world.
• Its goals are to reduce poverty and support development.
• It helps by offering a growing range of free tools, research, and knowledge to help people address the world’s development challenges, for instance, comprehensive, downloadable indicators about development in countries around the globe.