ISTANBUL (Xinhua) – World Bank President Robert Zoellick said Friday that a multipolar economy which is less reliant on the United States will be a more stable world economy.
“The latest economic forecasts show how China and India are helping to pull the global economy out of recession, but we should also remember that countries in southeast Asia, Latin America, and the wider Middle East and Africa as well can also serve as engines of growth,” he said.
Zoellick called for pressing ahead with the voting reform at the World Bank and the International Monetary Fund (IMF). “I have called for increasing the developing countries’ share in the World Bank over time to 50 percent.”
Last weekend, the Group of 20 (G20) took an important step by proposing a shift in World Bank voting power from developed countries to developing nations at least 3 percentage points next year.
“This would create a share of 47 percent for the developing and transition countries,” he added.
Meanwhile, Zoellick said while some economies are seeing signs of economic recovery, the low-income countries are still suffering as the global economic crisis undermines exports, cuts remittances, curbs tourism, and lowers their investment.
He called on member countries to support a proposal for a crisis facility for low-income countries, which would protect social programs during future financial crises.
Zoellick made the remarks ahead of annual meetings of the IMF and the World Bank in Istanbul which are scheduled for Oct. 6-7.
In its latest World Economic Outlook, the IMF forecast that the economic growth in emerging and developing economies is to reach almost 5.1 percent in 2010, up from 1.7 percent in 2009.
#WearMask #WashHands
#Distancing
#TakePicturesVideos
