How can we become more resilient to Risks?
The World Development Report for 2014 (WDR 2014) has as a title “Risk and Opportunity—Managing Risk for Development” and helps provide answers to this pressing question. The World Development Report (WDR) 2014 focuses on the process of risk management, addressing questions such as:
- Why is risk management important for development?
- How should it be conducted?
- What obstacles prevent people and societies from conducting it effectively?
- How can these obstacles be overcome?
The WDR 2014’s value added resides in its emphasis on managing risks in a proactive, systematic, and integrated way. The inability to manage risk properly leads to crises and missed opportunities. The WDR 2014 demonstrates that effective risk management can be a powerful instrument for development—it can save lives, avert economic shocks, and help people build better, more secure futures. This report calls for individuals and institutions to move from being “crisis fighters” to becoming “proactive and systematic risk managers.” There is substantial evidence that recognizing and preparing for risk can pay off abundantly. For instance, many developing countries displayed resilience in the face of the recent global financial crisis because they had previously reformed their macroeconomic, financial, and social policies. Find attached the “World Development Report for 2014”: