World Bank Chief Urges Reforms To Attract Investment Amid Trade Uncertainty

Prelims level : India and World Bank Mains level : GS2S - Important International institutions, agencies and fora- their structure, mandate
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  • The World Bank in its annual Global Economic Prospects report earlier this month forecast that slowing trade and investment flows would cut global growth this year to 2.6 percent, down 0.3 percentage point from previous forecasts.
  • Uncertainty from trade tensions and slowing global growth is increasing the need for developing countries to pursue reforms that make them more attractive to private investment.
  • The Bank will urge countries to take bolder steps to improve their business climates to allow private firms to compete better with state-owned companies and generate more profitable growth, innovation and jobs.
  • The International Monetary Fund has forecast a similar slowdown, driven primarily by increased tariffs, primarily between the United States and China.
  • The bank’s private-sector arm, the International Finance Corp, is doing a deep diagnostics dive into obstacles to private-sector firms in various countries on issues like customs facilitation, stronger bankruptcy regimes and legal changes to bring more women into workforces.
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