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Extra info for Annual World Bank Conference on Development Economics, Part 489
China, while still a developing country in terms of GDP per capita, could soon become the second largest economy in the world. Developing countries have become an economic force to be reckoned with. The third major change is the globalization of the world economy. This is partly attributable to the tremendous drop in transport and communication costs in recent decades. Globalization has increased trade and capital flows, and developing countries that have opened their economies have especially benefited.
Wolfensohn It is with great pleasure that I welcome you to the ninth Annual World Bank Conference on Development Economics. This conference series epitomizes everything that we are trying to do at the Bank: partnering with outside institutions and experts, feeding research into operations, and using research to reach the poor. In recent months we have been carefully analyzing our activities in the Bank in an effort to assess and improve our effectiveness. We know from the past how central research is to this endeavor.
The private sector can be an important check on the arbitrary exercise of power by government, but only if citizens can find out what government is doing. Thus there may be scope for organizations such as the World Bank to provide institutional support to reduce corruption and to help create an environment conducive to equitable growth and poverty alleviation. The Bank, she concludes, needs to make clear that corruption will not be tolerated in its grants and loans, and it must be ready to cancel projects in which corruption is uncovered or where cost overruns suggest that venality or incompetence is pervasive.
Annual World Bank Conference on Development Economics, Part 489 by World Bank