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World Bank: Good governance key to growth
Poor countries can significantly boost their people's income by upholding the law and cracking down on corruption, the World Bank says in a new report. The World Bank, which looked at social and economic trends in more than 200 countries, pointed to six factors for good governance: voice and accountability, political instability and violence, government effectiveness, regulatory burden, rule of law and control of corruption. The Washington Times/United Press International (5/9)
World Bank: Good governance key to growth
Washington, DC, May. 9 (UPI) -- Good governance can improve living standards in developing countries, the Washington-based World Bank said Monday.
In a report on global governance that tracked social and economic indicators in more than 200 countries, the bank found that a impoverished nation can increase per income capita threefold if the rule of law and crackdown on corruption are put into place.
The World Bank said there are six components to good governance, namely voice and accountability, political instability and violence, government effectiveness, regulatory burden, rule of law and control of corruption.
The report said domestic as well as foreign investments flow more freely when a steady, reliable government is in place.
Copyright 2005 United Press International
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