World Bank President calls for boosting strong growth to end poverty

World Bank Group President Jim Yong Kim on Monday called for boosting strong global growth to end extreme poverty and promote shared prosperity.

"In most parts of the world we are facing strong headwinds - a slowing global economy hit by falling commodity prices and stagnating global trade," said Kim in a speech at the Brookings Institution on Monday.

The World Bank expects the world economy to grow a modest rate of 2.4 percent this year, with soft investment and deteriorating export prospects.

Kim pointed out the tough challenges the world is facing now in poverty and inequality reduction. The Sub-Saharan Africa where nearly half of the world's extremely poor live is expected to grow only 1.6 percent this year, far below the 3-percent population growth in this region; labor productivity growth is negative in U.S., near zero in euro zone and falling in East Asia.

"Economic growth has to be more robust and more inclusive and human capital investments have to grow in size and effectiveness," said Kim.

The World Bank President called on countries to promote trade and infrastructure investment in order to restore strong economic growth.

He pointed out that technology is fundamentally reshaping the world, which has threatened jobs in certain industries.

In order to address the issue, Kim called for investment in human capital to build a workforce that can be competitive in the economy of the future.

Kim's speech came ahead of the World Bank-International Monetary Fund annual meetings later this week, when world's policymakers will gather to discuss how to boost global growth. Enditem