International Development: World Bank tells Latin America more effort is needed to alleviate poverty

The World Bank has said the economies of Latin America would grow faster if they devoted more effort to poverty alleviation.

World Bank economists also warned that faster growth is needed if Latin America is to compete against East Asia, the world's fastest growing developing region.
William Maloney, a World Bank economist said: "Economic growth in Latin America has been disappointing across the 1990s, especially in comparison to the dynamic East Asian economies. And part of this is due to the high degree of poverty in the region that is a drag on economic growth."

However, Joachim Bamrud, the editor of Latin Business Chronicle, points out that rapid growth in Argentina and Venezuela has been accompanied by worrisome price rises.

And what happens when prices rise?