World Bank's chief economist says 'developing nations can grow 8 percent with sound policies'

Washington, Apr 17 (ANI): The World Bank's chief economist, Justin Yifu Lin, has said that every developing nation is capable of growing continuously at eight percent or more with the help of sound policies and leveraging its comparative advantages.

"Every developing country has the potential to grow continuously at 8 percent or more for several decades, and to become a middle-income or even a high-income country in one or two generations," Xinhua quoted Lin, as saying.

The World Bank's senior vice president's remarks came at a book launch event hosted by the Washington-based think-tank, Center for Global Development.

Lin stressed that the rapid and sustainable growth needs to be boosted by governments' right policy frameworks to facilitate the development of the private sector along the lines of the country's comparative advantages and to tap into the latecomer advantages.

He said that such fast and sustainable economic growth needs both a competitive market system and a facilitating state, the report said.

Lin is the first World Bank chief economist from developing countries. (ANI)