Davos: As the global economic scenario remains gloomy, a few countries, including India, have begun undertaking structural reforms, World Bank chief Jim Yong Kim said.
Speaking at the closing session of the five-day World Economic Forum Annual Meeting, the World Bank President said India also stands to benefit from the fall in oil prices.
"Last year was another disappointing year. Europe and Japan have been very disappointing, BRICS countries used to grow well... But the growth slowed down there also...," Kim, who is also a co-Chair of this year's meet said.
"Countries that need structural reforms, it is time to do it. Some countries have begun doing it, including India... Do those hard things that you need to do it," he said while talking about the Bank's economic outlook for global economy.
On falling oil prices, Kim said the World Bank has done its calculations on oil prices and if average price remains around USD 60, a few countries like Russia will be hit hard, but on the other hand countries like India are benefiting and they are better prepared for such a scenario.
Kim, a co-chair of the WEF Annual Meeting 2015, was speaking at the closing plenary session, titled 'The Growth Agenda'.
Lauding Prime Minister Narendra Modi for his reform push, Kim said that the new government under his leadership has initiated important reform push in a short period time, which was very impressive, but it remains to be seen how the things pan out.
Giving examples, he said that the Modi government has put in place a process to streamline the taxes across the country with GST regime and to make business easier to do in the country.
He said that the world needs to find ways of increasing the impact of growth on the poorest and the countries will have to find reforms that help boost growth and at the same time reduce inequality.
On China, Kim said the fact is that their growth has fallen off, but they have continued with reforms.