The World Bank's just-released "Global Economic Prospects and the Developing Countries 2001" reports that developing country growth surged to 5.3 percent in 2000, up from 3.2 percent in 1999 and 1.0 percent in 1998. All developing regions experienced faster growth, though to varying degrees. World growth is expected to slow to a soft landing in 2001, reflecting monetary tightening in industrial countries, stock market declines, and high energy prices. Looking ahead, the potential for long-term growth may have improved globally, improving prospects for reducing poverty. But there are notable risks to the outlook, including higher oil prices, further slides in stock markets, and a U.S. recession. These developments would seriously reduce developing countries' trade, growth, and access to capital. They could also worsen longer-term global performance if they lead countries to retreat from reform and openness.