Published by maria gbaf
Posted on October 12, 2021
1 min readLast updated: January 29, 2026
The World Bank's chief economist highlights growth as the main challenge for emerging economies, crucial for poverty reduction and fiscal development.
LONDON (Reuters) – Lack of growth is the biggest economic challenge facing developing economies, the World Bank‘s chief economist said on Monday.
Economic growth was essential for poverty reduction, as well as creating government revenues to use for fiscal space, social safety nets and the provision of public goods, said Carmen Reinhart, the World Bank‘s chief economist.
“We had a challenge in many emerging markets and developing countries even before the pandemic, growth started to slow down around 2015,” she said.
“With growth comes jobs, with growth and jobs comes recovery.”
The World Bank hopes to raise $100 billion in donations for the International Development Association fund for poorer countries to address “tragic reversals in development” caused by the COVID-19 pandemic, its president David Malpass said on Monday, adding that growth disparities between advanced economies and developing countries were worsening.
(Reporting by Tom Arnold, Editing by William Maclean)
The main topic is the growth challenges faced by emerging economies, as highlighted by the World Bank's chief economist.
Economic growth is crucial for poverty reduction, creating government revenues, and providing public goods.
The World Bank plans to raise $100 billion for the International Development Association fund to support poorer countries.
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