Corruption is an impediment to growth and poverty reduction. As the authors in this issue of Development Outreach well document, corruption limits opportunities, creates inefficiencies and forms additional barriers to the smooth delivery of services. Crucially, from the perspective of the World Bank Group, corruption cumulatively undermines progress towards achieving development objectives, not least as its impact is most adversely felt by the world's poor. The World Bank has taken a clear public stance-based on exhaustive research-to seek ways to combat corruption. To this end we do and must work together with other international organizations, governments, civil society groups, and the private sector. As noted by World Bank President Paul Wolfowitz, the private sector worldwide is one of the most important partners in this process and, without the active engagement of business, progress will be limited. This newsletter includes some of the following headings: introduction
why should business care
corruption affects everyone and exists all over the world
capacity of government to regulate is key
so, what is being done
action by individual firms
collective action and the role of associations
industry-wide efforts also hold promise
global standards can be effective at producing peer pressure to reform
the World Bank's contribution
increased attention to its own loan portfolio
the power of data and benchmarking
embedding governance and anti-corruption at the heart of country strategy
powerful diagnosis and analytical tools help guide actions at the country level
affecting both the demand and supply side of good governance
multi-stakeholder partnerships are a complex and nuanced undertaking.