JOHANNESBURG: ECONOMIC growth for developing countries grew by 4,4 percent in 2014 and is expected to edge up to 4,8 percent in 2015, the World Bank has said.
The global financial institution pointed out that the economic growth would strengthen to 5,3 percent and 5,4 percent in 2016 and 2017 respectively.
World Bank Group President, Jim Yong Kim, in a statement on Tuesday, said 2014 was another disappointing year for developing countries, but urged the nations to see an uptick in growth this year, boosted in part by soft oil prices, a stronger United States economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets.
“In this uncertain economic environment, developing countries need to judiciously deploy their resources to support social programs with a laser-like focus on the poor and undertake structural reforms that invest in people.
“It is also critical for countries to remove any unnecessary roadblocks for private sector investment. The private sector is by far the greatest source of jobs and that can lift hundreds of millions of people out of poverty,” Kim said.
He said after growing by an estimated ,.6 percent in 2014, the global economy is projected to expand by 3 percent this year, 3,3 percent in 2016 and 3,2 percent in 2017. Kim said the private sector was by far the greatest source of jobs arguing that it could lift hundreds of millions of people out of poverty.
SOURCE: CAJ NEWS AGENCY