Developing countries could achieve sustainable growth by reviewing the economic growth models of China and India, Managing Director of the World Bank Ngozi Okonjo-Iweala said Thursday.
During the South-South Cooperation Meeting held in Bogota, Colombia, Okonjo-Iweala said that the biggest challenge faced by the Latin American countries is to create programs of social assistance and make creative efforts to reduce unemployment.
To underscore the lacking development of Africa a UN agency said on Thursday, that Africa is the only continent not on track to meet the U.N. millennium development goal of halving poverty by 2015 because of the impact of the global economic downturn.
Abdoulie Janneh, executive secretary of the United Nations Economic Commission for Africa (ECA) said the fall in economic growth has resulted in rising poverty and unemployment in many African countries.
Meanwhile, the Chinese advance was illustrated as China Railway Group won a 4,8 billion US dollar contract to build and operate an Indonesian coal railway, the latest in a string of offshore contracts for China’s state-controlled rail companies.
They have been winning rail projects across the world, including in the Middle East, Southeast Asia, Latin America, Africa and Australia.
Kilde: www.worldbank.org
