World Bank: Growth is the biggest challenge for emerging economies

World Bank Chief Economist Carmen Reinhart said that lack of growth is the biggest economic challenge facing developing economies and that economic growth is necessary to reduce poverty as well as to create government revenues to be used in fiscal space, social safety nets and the provision of public goods. "We faced challenges in many emerging markets and developing countries even before the pandemic, growth started to slow around 2015, with growth comes jobs, with growth and jobs comes recovery," Carmen Reinhart added.

World Bank President David Malpass said the World Bank hopes to raise $100 billion in contributions to the International Development Association Fund for Poor Countries to address the catastrophic setbacks in development caused by the COVID-19 pandemic, adding that growth disparities between advanced and developing economies are worsening.