Rich countries can help developing economies grow faster by rapidly cutting government spending or raising taxes, the World Bank said yesterday.
Releasing its twice-yearly economic forecasts, the bank said the benefits of near-term fiscal consolidation would more than offset the effects of lower demand on developing country exports.
“It is better to have rapid consolidation, even with a short-term impact for developing country exports, if it brings down long-term interest rates and improves the investment climate in developing countries,” said Andrew Burns, who heads the bank’s work on global macroeconomic trends and was one of the authors of the report.
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