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Globalization, Growth and Poverty: Building an Inclusive World Economy

This report was published in May, 2001.
Globalization has helped reduce poverty in a large number of developing countries but it must be harnessed better to help the world’s poorest, most marginalized countries improve the lives of their citizens, according to the report Globalization, Growth and Poverty: Building an Inclusive World Economy . This is especially important in the wake of September 11 and the worldwide economic slowdown, which is expected to hit poor people particularly hard.  A presentationvideo or Transcript  of the Washington DC press conference. 

Globalization often has been a very powerful force for poverty reduction, but too many countries and people have been left out, Important reasons for this exclusion are weak governance and policies in the non-integrating countries, tariffs and other barriers that poor countries and poor people face in accessing rich country markets, and declining development assistance.

Some anxieties about globalization are well-founded, but reversing globalization would come at an intolerably high price, destroying the prospects of prosperity for many millions of poor people. We do not agree with those who would retreat into a world of nationalism and protectionism. That way leads to deeper poverty and it is fundamentally hostile to the well-being of people in the developing countries. Instead, we must make globalization work for the poor people of the world.

Nicholas Stern Former Senior Vice President and Chief Economist, The World Bank

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