Many people have the misconception that my field -- global development -- is just about do-gooders and charities helping the poor. To be sure, many charitable groups are doing generous, laudable work. But global development extends far beyond charity and has a greater impact on the global economy than most people think.
Strong economic growth in developing countries became an engine for the global economy after the 2008-09 financial crisis, accounting for roughly 50 percent of all global growth. In addition, fully half of the United States’ exports now go to emerging markets and developing economies.
Global economic development can be good for your bottom line. Our focus is on helping more than a billion poor people lift themselves out of extreme poverty and on boosting the incomes of the poorest 40 percent in developing countries. To do that, we need to find economic growth strategies that help all segments of society in emerging markets -- reaching even fragile states striving to put years of conflict behind them and to create good jobs for their people.
The question I ask my team all the time is, what’s our plan? Increasingly scarce public funding isn’t enough to get the job done. We need to attract private sector investment that creates jobs. Ninety percent of all jobs in the developing world are created by the private sector. If we have high aspirations for the poor and vulnerable, there is no argument: We need the private sector to flourish, even in the poorest countries.
Here's a shameful statistic: up to a third of the world's food is wasted. In the developing world, that's 400 to 500 calories per person per day. But in the developed world, it's as much as 1,500 calories per person.
We cannot afford to waste that much food. About 842 million people today don't get enough to eat, and 98 percent of them live in developing countries.
In developing countries, food is lost on farms or on the way to market due to poor infrastructure and storage. In developed countries, food is wasted at the retail level and by consumers.
All of us have to take action. Every country -- and every person -- needs to minimize food waste as a part of the fight against poverty and hunger.
This week I’ve been participating in the World Bank’s South-South Learning Forum in Rio de Janeiro, Brazil, where policymakers from 70 countries are sharing their experiences and discussing practical solutions for successful social protection programs.
This week, the World Bank, in partnership with the government of Brazil and the State of Rio de Janeiro, is co-hosting a South-South Learning Forum to promote knowledge exchange among policymakers from developing countries on ways to improve the design of social protection and labor systems at the policy, program and service delivery levels.
After more than two hours stranded at a small town train station near Tokyo, Japan, with record snowfall and freezing temperatures outside our windows, the train driver addressed us for the third time – no new updates. “Our personnel are working to fix the problem,” the voice said. At that moment, an older man seated next to me leaned over and told me, “We have to do our part; the people working in the snow are trying their best to fix the system, so we can move. We should remain calm and wait - we cannot be part of the problem.” I was starting to understand why Japanese are so resilient.
This adventure began last February, following my participation in the launch of the new, $100 million joint program between Japan and the World Bank for disaster risk reduction. This program, implemented by the Global Facility for Disaster Reduction and Recovery (GFDRR), will benefit a large number of especially vulnerable countries around the world. As part of this new initiative, the World Bank also launched the Disaster Risk Management Tokyo Hub.
The launch for the Tokyo Hub was held at a high level symposium at the Japan Keidanren (Japan Business Federation) on February 3, which attracted more than 400 people and had substantial media coverage. The Senior Vice-Minister for Finance/Senior Vice-Minister for Reconstruction Jiro Aichi (a native of Sendai) spoke of Japan's commitment to disaster risk management (DRM) and thanked the World Bank for its strong support, before kicking off an intense program of inter-agency meetings to better utilize Japanese expertise in DRM practices.
My experience with Japanese solidarity and resilience, however, was best highlighted the day I was returning home. On February 9, as I was trying to get to Narita airport, more than 27 centimeters of snow fell on Tokyo and other areas of Japan, the heaviest of 40 years. Many buildings in the city collapsed, leaving at least 11 dead and more than 1,200 injured across the country.