World Bank Group’s President, Jim Yong Kim says fewer people live in extreme poverty today, but remains deeply worried that much needs to be done to reach a substantial global poverty-reduction goal by 2030.
The World Bank Group and the International Monetary Fund (IMF) laid out three pillars to help achieve the noble objective: accelerating inclusive and sustainable economic growth, investing in human capital and fostering resilience to global shocks and threats. President Jim knows what must be done. “This means that not only do we need to focus on growth, but we must also continue our work to reduce inequality – we have to make growth more equitable,” he says.
The World Bank chief also calls for increased infrastructure finance to boost economic growth, with greater emphasis on public-private cooperation to “boost shared prosperity.”
He expressed concern over the growing isolationism and protectionism at a time the world needs more cooperation and economic integration and stronger partnership.”Great strides of ending extreme poverty have been made by countries such as China as a result of trade and openness of their domestic industries to global competition. Countries working together and especially trading together have delivered lasting progress,” Dr Kim reminds the world.
Although income inequality between all people in the world has decreased, and inequality within nations has been falling in many countries (both rich and poor), the Bank President notes that inequality is still far too high, both globally and within countries.