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  • CHART: Banking on the Private Sector

    Jim Yong Kim, President of the World Bank. (Photo: EPA)

    In his October 1 speech to the 45th Annual Meeting of the Association of American Chambers of Commerce in Latin America, World Bank President Jim Yong Kim made his pitch to (re)assure private business leaders that he is serious about private-sector-driven economic growth and development.

    In a rather confessional tone, Kim emphasized:

    [O]ne of the things we’ve learned is that, 90 percent of all jobs are created in the private sector. And while there have been arguments in the past about the appropriate way to development—do we close off our societies and just redistribute or do we open up our societies and try to spur the private sector to grow—what did we learn from the Arab Spring? We learned that it has to be inclusive, especially of young people but in a way that’s sustainable, that only through growth in the private sector with jobs that are both inclusive and sustainable can societies reach their highest aspiration. It’s something that I learned in a very real way in all of my work.

    Kim had previously noted, in his statement in connection with his nomination, that he is “committed to a strong, evidence-based approach to problem solving.” That’s good, because the evidence is clear: A high level of economic freedom promotes prosperity and facilitates progress in overall human development, including better health, longer lives, greater education, and cleaner environments. And freer countries have a much better record at reducing poverty, too.

    As indicated by the findings of The Heritage Foundation’s Index of Economic Freedom, sustaining dynamic and inclusive economic growth requires putting into practice three fundamental principles of economic freedom: (1) empowerment of the individual, (2) non-discrimination, and (3) open competition.

    If Kim is really serious about charting a course for the World Bank to truly fulfill its mission and address global poverty in a meaningful and effective manner, his leadership should focus on advancing economic freedom.

    Posted in International [slideshow_deploy]

    One Response to CHART: Banking on the Private Sector

    1. Bobbie says:

      God Bless Mr. Yong Kim and thank you!!

      I agree with Heritages' 3 fundamental principles but the 2nd one needs specification. Discrimination should not be allowed in regard to race, creed or culture but then people of race, creed and or culture can't abuse that either! If a person takes a job they're hired to do and then decides it discriminates against their race, creed or culture says the person shouldn't have applied in the first place. Intentional trouble makers! I'm not going to hire a person who's record shows incompetence when my business requires competent employees. I'm not going to hire a person who decides the time agreed upon at hiring, now discriminates their race, personal creed or personal culture. I'm not going to hire people that won't comply to safety standards because of their vowed dedication to their religious attire!! But people aren't forthright at the time of interview anymore. People in general were held accountable to their words and actions where now people are accommodated to cover up their accountabilities through unconstitutional government favor. People wait until they're hired so they can derive controversy and sympathy. All for frivolity. Either you want the job or you want government attention to nurture you're self deprivation!

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