As the global economic scenario remains gloomy, a few countries, including India, have begun undertaking structural reforms, World Bank chief Jim Yong Kim said.
Speaking here at the closing session of the five-day World Economic Forum Annual Meeting, the World Bank President said India also stands to benefit from the fall in oil prices.
“Last year was another disappointing year. Europe and Japan have been very disappointing, BRICS countries used to grow well... but the growth slowed down there also...,” Kim, who is also a co-Chair of this year’s meet said.
“Countries that need structural reforms, it is time to do it. Some countries have begun doing it, including India... Do those hard things that you need to do it,” he said while talking about the Bank’s economic outlook for global economy.
On falling oil prices, Kim said the World Bank has done its calculations on oil prices and if average price remains around $60, a few countries like Russia will be hit hard, but on the other hand countries like India are benefiting and they are better prepared for such a scenario.
(This article was published on January 24, 2015)
