"Developing countries continue to struggle amidst a sluggish global economy. Many countries have been hit by falling commodity prices and stagnating global trade," the World Bank President Jim Yong Kim, told reporters at a news conference on the sidelines of the annual fall meeting of the International Monetary Fund and the World Bank.
"We now have the highest number of developing countries in recession since 2009, and we've been working to meet rising demands for assistance to help countries manage global challenges," he said, adding that the Bank is playing a strong counter-cyclical role in the global economy.
Kim said World Bank research shows that inequality is still far too high, both globally and within countries, constraining growth and breeding instability.
As such there is need to focus on growth and continue to reduce inequality - and there is need to make growth more equitable, and more sustainable.
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"Because of the multiple, overlapping global shocks - including climate change, forced displacement, and pandemics - we have to scale up our efforts dramatically," he said.
Kim urged the international community to take three steps including accelerating inclusive and sustainable economic growth.
"Inequality is still too high, and the kind of growth we need must be shared far more broadly," he said.
"Second, a key ingredient for building more inclusive growth is investing in human capital, so countries can compete in the global economy of the future.
The return on investment in people is virtually impossible to overstate," Kim said.