Washington, April 17 (IANS) Every developing country holds the potential to register fast economic growth boosted by sound policies and leveraging its comparative advantages, according to World Bank chief economist Justin Yifu Lin.
Speaking during a book launch event Monday to present key findings of his book “New Structural Economics”, Justin said: “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.”
The rapid and sustainable growth, he said, however 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, Xinhua reported.
Justin, who is also the World Bank’s senior vice president, was addressing the event hosted by the Washington-based think-tank Centre for Global Development.
He told a group of experts that for such a fast and sustainable economic growth a competitive market system and a facilitating state are required.