Good news in poverty reduction

San Francisco Chronicle:

It should come as heartening news that 2004 was one of the most prosperous years in history. Not because the U.S. economy grew by a solid 4.3 percent, but because developing countries experienced an explosive 6.1 percent economic growth. According to a recent study by the World Bank, 2004's growth reflected 'an expansion without precedent over the past 30 years.' Equally encouraging, the report notes that 'the rapid growth of developing economies ... has produced a spectacular, if not historic, fall in poverty.' Amazingly, the World Bank report did not get much coverage in our mainstream media. It seems the press was more interested in covering the evils of globalization than in taking notice of how world trade -- which grew by an astounding 10.2 percent this year -- is driving economic growth.

This of course ties directly into what I was talking about in my post on Bill Gates and Bono yesterday. I also highly recommend this book on Globalization for those of you who would like a better understanding of what it means to poor nations and why fears of it are largely misplaced.