social spending key to lifting national income levels
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

World Bank head Jim Yong Kim:

Social spending key to lifting national income levels

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSocial spending key to lifting national income levels

World Bank head Jim Yong Kim
Madrid - Arab Today

Middle-income economies must increase social spending if they wish to reach the income level of developed countries and end extreme poverty, the president of the World Bank said in an interview published on Sunday.

"We must change the relationship between growth and poverty reduction for growth to have more of an impact. How? It is important to invest in human beings, in health, education, social protection," Jim Yong Kim told top-selling Spanish daily El Pais.

"In Africa for example, improving the productivity of agriculture is key. To do this you have to invest in energy, transportation.... I am optimistic we can do it," he added.

The World Bank, a Washington-based international creditor for developing countries, has set the goal of ending extreme poverty -- lifting the livelihoods of those living on less than $1.25 a day --  by 2030.

Kim, who was born in Seoul and moved to the United States when he was five, said South Korea was an example of a nation that had managed to escape the "middle income trap" through increased social spending.

"South Korea started exporting basic goods -- black and white televisions, then in colour -- and now it exports electronics, they took measures for the second step," he said.

"But other nations do not do it, especially those that reach the first phase of middle income thanks to raw materials. At this stage, I insist, education is critical.

"You need different skills for the next phase of growth in Latin America," he added.

"Equality of opportunities comes through improving education from a very early age to create sophisticated industries."

Kim, a Harvard-trained physician, said the World Bank did not see China's new development bank, the Asian Infrastructure Investment Bank (AIIB), as a rival.

"We hope to cooperate closely with them," he told El Pais.

Despite Washington's resistance, China has received applications from more than 50 countries, including important US allies, to join the AIIB, which will aim at financing infrastructure development around Asia.

Washington sees the AIIB and a development bank planned by the BRICS emerging-market countries, the New Development Bank, as competitors to the World Bank and the Asian Development Bank, where the United States is the largest shareholder.
Source: AFP

themuslimchronicle
themuslimchronicle

GMT 08:11 2018 Wednesday ,17 January

BlackRock chief calls on CEOs

GMT 08:51 2018 Wednesday ,03 January

Banks 'reticent' to work with Sudan

GMT 08:36 2017 Sunday ,31 December

US tax reform to cut earnings by $5 bn

GMT 18:42 2017 Thursday ,28 December

Al-Sukait Tackles Investors’ Contribution

GMT 18:34 2017 Wednesday ,27 December

Shaath reveals opening date of Metro third line

GMT 09:52 2017 Tuesday ,12 December

Senate tax plan would boost revenue $1.8 tn

GMT 08:42 2017 Friday ,08 December

Post-Brexit London 'won't fall apart'

GMT 10:04 2017 Monday ,27 November

Brexit without EU trade deal 'not end of world'
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

social spending key to lifting national income levels social spending key to lifting national income levels

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle