World Bank marks Czech Republic's graduation to 'developed' status
This Tuesday the President of the World Bank Paul Wolfowitz is in Prague to mark an important shift in how the Czech Republic is viewed. Until now, the country was officially labelled a developing country; since the fall of communism in 1989 it has been a beneficiary of World Bank funds that have had a profound impact on the country's transformation to a market economy and becoming a full-fledged democracy. Now, on February 28th, the Czech Republic officially graduates to 'developed'. That has been a long-time coming, agreed formally a year ago, and is of course largely symbolic. But, the shift will also have some significant effects.
"I suppose this is just a symbolic act, because in reality the Czech Republic is already a part of the European Union, which means it is already quite 'developed'. This act will probably have no immediate impact on the public. The most immediate for the country will be the fact that the country cannot receive further funds from the World Bank, on the contrary it will now itself have to contribute to less-developed countries."
The Czech Republic shifting from beneficiary to provider bringing with it new responsibility, are there positive effects though from the Czech Republic receiving 'developed' status?