Throughout the summit, I will stress the importance – and difficulty – of transformational improvements in economic programs. Faster, more sustained and broad-based growth is the only path to creating the jobs and stability needed for the millions of young people reaching working age and is vital to the World Bank’s mission of alleviating poverty and raising living standards.
The global outlook foresees a moderate slowdown in economic activity, with lingering downside risks. Global trade growth has weakened, while investment prospects have softened; both of these remain important engines of growth, productivity, innovation, job creation and sustainable development. Debt vulnerabilities persist, and policy uncertainty is weighing on confidence. For developing countries, it is important to adopt growth-enhancing policies while containing risks and protecting the most vulnerable. The World Bank Group, in partnership with the International Monetary Fund, is able to help countries in addressing these concerns.