BUSINESS MAVERICK OP-ED: Bold policies needed to pull poorest countries out of mire By Ceyla Pazarbasioglu
The plight of the world’s poorest people is worsening. With a weaker global economy making their climb out of poverty even harder, the world must support a range of bold policies to help them.
A favourable external environment supported rapid growth prior to the global financial crisis, while the commodities boom of 2001-2011 fueled heavy investments in exploration and production in many low-income countries. The resulting increase in export earnings improved their governments’ finances. Some countries got a bigger boost than others. Those that moved up the income ladder also had better policy frameworks, governance, and business environments. They had more developed infrastructure, greater improvements in human capital, and more abundant fiscal resources.
. However, these declines were mostly in countries that progressed to middle-income status. The number of people living in poverty in the remaining low-income economies was broadly unchanged.per capita These countries, therefore, need a bold agenda for boosting growth to generate more and better jobs. They need to become more integrated into global trade flows, diversify their exports, and attract more foreign direct investment. Their governments could improve skills and technologies by investing in human capital and infrastructure .
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