Criticism
The World Bank has long been criticized by various non-governmental organizations, academics, among them a prominent place is occupied by a Nobel laureate in economics and former chief World Bank economist Joseph Stiglitz.
In particular, J. Stiglitz called the policy towards developing countries, developed by the IMF, the World Bank and economists in the U.S. government is wrong. In his opinion, if the policy followed by the U.S., strong economic growth would not have occurred. He also pointed out that Russia followed the recommendations and have seen a fall in real incomes, and China has not followed and is experiencing an economic upturn.
In particular, Joseph Stiglitz has expressed abhorrence at the World Bank policy toward Russia, criticizing the shock therapy in transition.
Analysis of the global economy indicates that the World Bank's program in the form, as he formulated them, are not sustainable and equitable economic development. In this connection, began to increase pressure on the Bank. Non-governmental organizations at national and international level began to pursue an open and democratic review of decisions of alternative policies the World Bank.
In 2001, the Commission of the U.S. Congress has assessed the performance of international financial organizations and concluded that 60% of World Bank project failed. The World Bank aims to fight poverty, but over the past five years, only 1% of the loans were "poor" state, most in need of such assistance. During this time, the poverty rate declined slightly in the world that can not be explained only by the activities of the World Bank. Successes from the state, which do not receive financial assistance from the World Bank. In those countries that were major recipients of aid packages, not only was no progress in the fight against poverty, but the situation in them even worse.
Research Center Heritage Foundation analyzed the impact that had on the poorest countries of World Bank loans. During the period from 1980 to 2003, its loans and grants received 105 "poor" countries. As a result, in 39-ty country's gross domestic product declined, in 17 - GDP growth was minimal (from zero to 1%) in the 33's - moderate (1 - 4%). Only 12 recipients have been able to significantly increase the pace of economic development. Even more depressing situation in Africa. Here is the money the World Bank received 48 states, only three of them were able to successfully develop economically, in 23 was marked by economic recession.