There is enough trouble out there to keep any policymaker up at night. Recent volatility has roiled Chinese and global stock markets, commodity prices have slumped, and security concerns are rising. All of this raises serious questions over the health of the global economy. This year could shape up to be risky, full of challenges and concerns for the fight against poverty.
We ended 2015 with good news: For the first time in history, the number of extremely poor people dropped below 10% of the world’s population. The new Sustainable Development Goals and the Paris climate deal bring momentum to our effort to lift the remaining 700 million extremely poor people out of poverty while generating climate-smart economic growth.
It is now a commonplace to refer to the 21st century as the Asian Century. With the world economy struggling to recover from the global financial crisis, the Asia Pacific region, and especially its developing countries, has provided much of the impetus for global growth. In 2015, developing countries in the East Asia Pacific region are likely to account for over one-third of global growth — twice as much as the rest of the developing world. China in particular is now an economic powerhouse. By some measures China is now the world’s largest economy as well as the biggest global manufacturer and exporter.
With this economic success has come increased scrutiny of the region. The rest of the world now wants to know: who sets the rules of the game in Asia?
It’s spring in Washington during a pivotal year in development. Thousands of government officials, journalists, civil society representatives, academics, and CEOs are arriving for the Spring Meetings of the World Bank Group and International Monetary Fund the week of April 13.
It’s one of the last such gatherings before decisions are made on the world’s development priorities and goals over the next 15 years – and how to finance them. In fact, the only item on the April 18 agenda of the Development Committee concerns these post-2015 goals and financing for development.
The Group of 20 leaders met for an intense 24-hour period over two days, discussing the situation in Syria and the global economy. Watch this video blog to hear what World Bank Group President Jim Yong Kim thought shouldn't be forgotten in these important discussions.