Corruption is an impediment to growthand poverty reduction. As the authors in this issue ofDevelopment Outreach well document, corruption limitsopportunities, creates inefficiencies and forms additionalbarriers to the smooth delivery of services. Crucially, fromthe perspective of the World Bank Group, corruptioncumulatively undermines progress towards achievingdevelopment objectives, not least as its impact is mostadversely felt by the world's poor. The World Bank hastaken a clear public stance-based on exhaustive research-toseek ways to combat corruption. To this end we do and mustwork together with other international organizations,governments, civil society groups, and the private sector.As noted by World Bank President Paul Wolfowitz, the privatesector worldwide is one of the most important partners inthis process and, without the active engagement of business,progress will be limited. This newsletter includes some ofthe following headings: introduction; why should businesscare; corruption affects everyone and exists all over theworld; capacity of government to regulate is key; so, whatis being done; action by individual firms; collective actionand the role of associations; industry-wide efforts alsohold promise; global standards can be effective at producingpeer pressure to reform; the World Bank's contribution;increased attention to its own loan portfolio; the power ofdata and benchmarking; embedding governance andanti-corruption at the heart of country strategy; powerfuldiagnosis and analytical tools help guide actions at thecountry level; affecting both the demand and supply side ofgood governance; multi-stakeholder partnerships are acomplex and nuanced undertaking.
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