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Rebalancing, Growth, and Development: An Interconnected Agenda

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Nov 1, 2011: The report, prepared by Bank staff as a background document to the G20 meetings, calls for a renewed G20 focus on growth. It argues that what is fundamentally needed to address current problems of debt stress and imbalances is a strategy for strong and sustainable growth. G20 actions to address immediate risks to financial stability must be complemented by actions to strengthen the foundations for global growth. The report stresses an agenda of pro-growth structural reforms. The strategy for global growth must fully engage developing countries that have been an engine driving the global economy. The report argues that, in an increasingly multipolar world economy, the goals of global growth, rebalancing, and development are more and more interconnected. Channeling surplus global savings to growth-enhancing investments in developing countries, especially in infrastructure, would promote development but also have positive spillovers for global growth and rebalancing.

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