The World Bank has called on countries to ensure well-designed structural reforms to accelerate growth and create the foundations for future prosperity.
The President of the World Bank Group, David Malpass, delivered his opening remarks at the 2019 Annual Meeting Press Conference in Washington on Thursday.
He said problems facing countries included oligopolies, excessive public-sector employment and pension promises, and subsidies for goods, services and financing.
“I’m aware of the strong resistance to many reforms. But they’re crucial for enabling broad-based, sustainable growth”, Malpass noted.
“Global growth is slowing. Investment is sluggish, manufacturing activity is soft, and trade is weakening. The challenges of climate change and fragility are making poor countries more vulnerable.
“This backdrop makes our goals of reducing extreme poverty and boosting shared prosperity even harder. About 700 million people still live in extreme poverty. That’s about one in 12 people on the planet.
“With the right mix of policies and structur