World Bank Report – Main Focus On Agriculture

By: EconomyWatch   Date: 14 October 2010

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World Bank Report – Main Focus On Agriculture

In the annual meeting of the International Monetary Fund and the World Bank for 2007, World Bank has highly emphasized agriculture sector has been. The World Bank has prioritized the sector even in the presence of flourishing services sector and industrial sector.
World Bank President Robert Zoellick said on the eve of bank’s annual report release that, “We should provide agriculture more prominence”.

Over the years it has been realized that development in agriculture sector is the most effective weapon in fighting against poverty worldwide. Approximately 75 percent of the world’s poor people live in the rural areas. But international assistance to the sector is comparatively less.

In East Asian region, agriculture sector has made tremendous success by reducing poverty over last two decades.

Robert Zoellick has strongly viewed that ‘agriculture for development’ agenda will benefit the 900 million rural people in the developing world, who live on less than $1 per day. It has been realized that the need of the hour is to set up proper goals for agricultural development through proper reforms.

Agricultural support of the World Bank has been increased in the recent past. Bank’s commitment for the year 2007 has reached at $3.1 billion.

In some of the emerging market economies over the world such as India, China, and Morocco, dynamism is essential in the sector. On the contrary, for the Urbanized nations it is essential to render jobs in rural areas.
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