Zoellick: 'Third World' Concept is Obsolete

World Bank President Robert Zoellick wants developing countries to have a bigger role in managing the global system. Photo by: Devra Berkowitz/UN

The worldwide economic crisis in 2009 and the ascent of developing countries in the global economy signaled the demise of Third World as a concept, according to World Bank President Robert Zoellick. The developing world, he said, ought to have a greater participation in the management of the global system. Proposed solutions for financial regulation, climate change and crisis management must reflect the interests of developing nations, Zoellick added. The financial sector needs to be equipped with better capital, liquidity, and supervisory standards, Zoellick said. Climate change policy, meanwhile, needs to be embedded in the broader development agenda. “Developing countries need support and finance to invest in cleaner growth paths,” the World Bank chief said in a speech ahead of the bank’s spring meetings.In addressing economic crises, “hearing the developing country perspective is no longer just a matter of charity or solidarity:  It is self-interest.  These developing countries are now sources of growth and importers of capital goods and developed countries’ services,” he added.

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.