Highest number of developing countries now in recession

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WED, OCTOBER 12 2016- World Bank President Jim Yong Kim has warned that multiple risks can hamper progress on the Bank’s goals of ending extreme poverty by 2030 and boosting shared prosperity.

“If we are going to end extreme poverty by 2030, we have got to continue to focus our efforts, and we have to face each global challenge with an urgency and scale commensurate to the problem,” Kim said in a message to delegates at the recently concluded World Bank/IMF Annual General meeting in Washington, DC.

Kim also warned that a great deal number of developing countries are now in recession since 2009  but added that the Bank  has  been working to meet rising demands for assistance to help countries manage global challenges.

Developing countries continue to struggle amidst a sluggish global economy. Many countries have been hit by falling commodity prices and stagnating global trade, he noted.

“But multiple risks threaten hard-fought gains in many countries. Our research shows that inequality is still far too high, both globally and within countries, constraining growth and breeding instability. We need to focus on growth and continue to reduce inequality – and we have to make growth more equitable, and more sustainable. Because of the multiple, overlapping global shocks – including climate change, forced displacement, and pandemics – we have to scale up our efforts dramatically.”

He outlined three steps that is required to meet goals of ending extreme poverty.

“First, we have to accelerate inclusive and sustainable economic growth. Inequality is still too high, and the kind of growth we need must be shared far more broadly. Second, a key ingredient for building more inclusive growth is investing in human capital, so countries can compete in the global economy of the future. The return on investment in people is virtually impossible to overstate. Third, as we have discussed, we must help foster greater resilience to global shocks and threats that can set back our progress.”

 

 

 

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