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Reducing inequality necessary to achieve growth – World Bank

By on April 25, 2017

Reducing inequality is necessary to ensure long-term and sustainable growth, the Development Committee of the World Bank has said.

At a communiqué at the end of the Spring Meeting of the World Bank/IMF in Washington DC, the Committee noted that technological change, trade, financial flows, and economic integration have helped boost incomes and have narrowed the economic gaps between countries. But these gains have not always been shared evenly within countries.

According to the committee, the global economy is gaining momentum, but risks remain tilted to the downside. “Further improvements in the global outlook will require policies that foster inclusive and sustainable growth, address financial vulnerabilities, and create jobs and economic opportunities for all.”

“Actions to tackle the adverse impact of the decline in correspondent banking relations are an important priority for many countries. World Bank Group (WBG) and International Monetary Fund (IMF) advice and support are important to advance such policies, deliver the 2030 agenda, and protect the most vulnerable.”

 

[Daily Trust]