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Implications for Economic Security of the Three Seas Initiative Countries Resulting from Membership in the World Bank

Marta Halina Gebska

European Research Studies Journal, 2021, vol. XXIV, issue 4, 486-505

Abstract: Purpose: The objective of the article is to present research results on the interdependencies between the World Bank (WB) and the Three Seas Initiative (3SI) in the area of economic security of the countries. Design/Methodology/Approach: The Three Seas Initiative (3SI) was launched in 2015 in New York during the United Nations General Assembly, and it officially started operating in 2016. The World Bank is a global financial institution seated in 1944 and its constant objective is to support member states in order to create conditions for safe and long-term development. Mainly historical and current analysis source documents, including the WB and 3SI reports and strategies, are the research methods and materials used for this paper. They have been utilised as the theoretical foundations for this discussion. These have been complemented with additional references in order to deepen the theoretical considerations contained herein. Additionally, the paper considers sources related to current problems and the WB's theoretical approach to COVID-19. Other research methods include a comparative analysis of statistical data, the inductive method for general statements development, and the study of cause-and-effect relationships between the discussed phenomena. Findings: The 3SI countries are not high-ranked by the WB. Greater opportunities to influence the WB policy are related to the fact that these countries belong to the European Union. The WB has already been involved in financing investment projects in the countries of this region, in most cases since the 1990s. This activity has been designed to improve the economic security of the countries and their population. Practical implications: The paper presents possibilities of cooperation of both parties – the 3SI countries and the WB in the area of economic security, both in the times of stable economic situation and in economic crises such the global pandemic SARS-CoV-2.

Keywords: Economic security; The World Bank; Three Seas Initiative; poverty; international political economy. (search for similar items in EconPapers)
JEL-codes: F33 F50 F63 (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:ers:journl:v:xxiv:y:2021:i:4:p:486-505