The world economy has never recovered its growth trajectory since the global financial crisis, but globalization is the booster that everyone — including the United States — now needs, the World Bank's chief executive Kristalina Georgieva told CNBC.
Speaking from the China Development Forum in Beijing, Georgieva acknowledged that inequality — which critics say is caused by globalization — has increased. However, she argued, an interconnected world benefits both developing and developed countries.
"Well, we have learned from our decades of experience that open economies create better opportunities for people in the developing countries, but also for people in the rich world. They have access to cheaper goods. They have a chance to actually export more when the purchasing power in the rest of the world is going up," she said.