Maya Brahmam at +1-202-473-6231 or email at firstname.lastname@example.org
WASHINGTON, May 20, 2008 – The World Bank Group welcomes a new report by the independent Commission on Growth and Development, a global panel of eminent experts, which reveals important lessons from countries that have achieved high, long-term economic growth. The experts say the lessons learned could help policy makers in developing countries as they seek to set their countries on a steady growth path.
The Growth Report: Strategies for Sustained Growth and Inclusive Development says integration into the world economy, maintaining high rates of savings and investment, and committed, capable governments are among the key features of countries that have sustained growth rates above 7 percent for 25 uninterrupted years since World War II.
"This report underscores to the development community that one size doesn’t fit all." said World Bank Group President Robert B. Zoellick. I am especially pleased that it draws on input from first class practitioners and leaders who have hands-on pragmatic and practical experience of making inclusive development a success. This will help enrich the thinking and practice of the World Bank Group as well as others in the development field.” “
High, long-lasting growth is not easily achieved, but the report by some of the world’s top policy-makers and thinkers, believes it can be reproduced in developing countries, giving them a chance to reduce poverty and improve opportunity and quality of life for their citizens.
“We are acutely aware that there are no silver bullets to create long-running, inclusive growth, and that no single paradigm exists,” says Commission Vice Chair Danny Leipziger, who is also Vice President for Poverty Reduction and Economic Management at the World Bank. “While seeking to identify those key elements that can lead to long running and inclusive growth, the report is clear that policy makers will need to customize and experiment with polices rather than follow any rigid set of guidelines.”
Commission Chairman Michael Spence said: " What makes the report so unique is that it was prepared by policymakers, many from developing countries, who have been in the trenches themselves and have learned what works and why. It is these commissioners who are now providing their insights to the next generation of policymakers on ways to improve growth prospects and the quality of life in the poor parts of the globe."
Spence is one of two Nobel Laureates on the 21-member commission comprising leaders from business, government and academia. The Commissioners come from 18 countries that include a broad mix of developing, emerging and developed economies, as well as small island states and populous, large countries.