WEF: Pat for developing world; rich nations asked not to relax
Davos: Role of developing nations, including India, in spurring growth dominated the WEF meet today, even as IMF chief Christine Lagarde and others cautioned rich countries against complacency coming in the way of fragile global recovery.
Rising unemployment levels and poverty eradication also emerged as key talking points at the World Economic Forum (WEF) gathering in this snow-clad town.
World Bank Chief Jim Yong Kim said emerging nations are playing a major role in maintaining overall growth.
"Lion's share of global growth has come from emerging nations… Rich countries should thank the developing nations for maintaining the growth that we have seen in the last five years," he said.
Emerging economies, particularly China and India, have seen 6-10 per cent growth rates even as the developed world, mainly Eurozone, continued to reel under economic duress.
IMF Managing Director Christine Lagarde asked countries not to relax but maintain the growth momentum.
"I will pursue with 'do not relax' principle. The forecast is for a very fragile recovery in 2013 and that is why I will emphasise on do not relax," Lagarde said.
Secretary General of Paris-based OECD, a grouping of mostly rich nations, Angel Gurria said that it is wrong to feel relieved just because the crisis has been overcome.
"What are we relieved about? Are we relieved about exhausting our monetary measures and all other measures. In fact, we should be worried about the current scenario when we have exhausted all our tools. There are issues concerning education, jobs, women, infrastructure building etc, which need to be tackled," he quipped.