The World Bank Group President Jim Yong Kim on Wednesday urged Latin America and the Caribbean to maintain and deepen their focus on inclusive economic growth.

In a speech at the headquarters of the Organization of American States, he lauded the tremendous progress made by Latin America and the Caribbean in reducing poverty and in boosting shared prosperity over the past decade.

Kim, however, noted that growth has slowed amid declining commodity prices and the tightening of global financial conditions over the past two years. And the reductions in inequality have also stagnated.

To boost growth, Kim stressed the need to "increase productivity, spur innovation, and adapt its productive structure to changing circumstances. This must become a national priority for all countries, independent of their political cycles and ideologies."

Improving logistics and infrastructure, education and the business environment are critical to advancing development in the region, he said.

He suggested fiscal policy can be used to sustain and deepen the region's social gains as it has increasingly used this strategy in the past decade.

"The good news is that there is still room to use fiscal policy to promote a more equitable society," he said.

The World Bank estimated the economy of the Latin America and the Caribbean will grow 2.3 percent on average this year, as commodity prices remain flat or drop on falling demand from China.