NEW YORK — The head of the World Bank says the Federal Reserve's recent decision not to raise interest rates immediately will give breathing room to developing countries working on reforming their economies.
President Jim Young Kim also says in an interview with The Associated Press that China's current slowdown was "entirely predictable" but that the slower growth in China will lead to a more sustainable expansion in the long run.
Kim was speaking to the AP ahead of a U.N.-sponsored meeting on a new 15-year sustainable development goals.
He says it's a question of when, not if, the Fed raises rates. The World Bank will use this time to encourage those countries to make necessary reforms.