NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, April 7, 2005

Developing countries grew at their sharpest rate for three decades last year, faster than wealthy nations, the World Bank said yesterday. It warned, however, that wealthy nations were not increasing aid fast enough to stamp out poverty.
Even sub-Saharan Africa, which includes some of the world’s poorest nations, became wealthier last year, helped by soaring commodity prices – the region is rich in oil and metals.
Tony Blair said when he released his Commission for Africa report last month that poverty on the continent was the “greatest tragedy of our time”. But he added the increasing number of democratic countries and the decrease in conflicts meant this was a good time to stimulate growth. The Bank noted in its report yesterday that such factors helped to increase the gross domestic product of the sub-Saharan region last year by 3.8%, compared with 2003.
Story found here.