India, China growth to cut down world poverty: WB

Written by: Samyuktha
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Washington, Apr 24: The World Bank has expressed confidence that the goal to reduce poverty across the world by 2015 was still achievable, despite the negative effects of the global economic crisis, thanks to the economic growth of India and China.

"The crisis struck just when the developing countries were making significant strides, especially in poverty. Poverty rates were falling in all regions," Delfin Go, lead author of a new World Bank report, told reporters Friday, Apr 23, when 'The Global Monitoring Report 2010: The MDGs After the Crisis' was released

"Even in Africa, the rate was falling about one percent a year from the mid-nineties to about 2005. Although population was growing, the number of poor was actually decreasing because of the rapid progress in China and India," he added.

Go attributed the sharp decline in poverty in South Asia to India's growth.

"But outside of India, the rate of reduction of poverty is less, so with the crisis, they will also be harder hit than, let's say, India," he said.

"India was growing very fast even in recent months and years," he noted, adding that the key driver for poverty reduction is always growth.

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