LONDON (Reuters) – Lack of growth is the biggest economic challenge facing developing economies, the World Bank’s chief economist said on Monday.
Economic growth has been essential to poverty reduction, as well as generating government revenue for use in fiscal space, social safety nets and provision of public goods, said Carmen Reinhart, chief economist at the World Bank.
“We had a challenge in many emerging markets and developing countries even before the pandemic, growth started to slow around 2015,” she said.
“With growth comes jobs, with growth and jobs comes recovery.”
The World Bank hopes to raise $100 billion in donations to the International Development Association’s fund for the poorest countries to deal with “tragic development reversals” caused by the Covid-19 pandemic, its president, David Malpass, said on Monday. fair, adding that the growth disparities between advanced economies and developing countries are worsening.
(by Tom Arnold)
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