In a speech just ahead of Annual Meetings, World Bank Group President Jim Yong Kim said there must be a new push to bring enough financing, innovation, and creativity to tackle the world’s many challenges – and the World Bank Group has a vital role to play.
Despite rapid reductions in extreme poverty and improvements in the incomes of the bottom 40 percent of the population, progress is “still far too slow” and inequality is still too high, said Kim.
“We have to make growth much more equitable,” said Kim at the Brookings Institution, a think tank in Washington.
He referred to a new World Bank report finding that income inequality has decreased between people and nations, but “still constrains growth and breeds instability.”
The world is facing low growth, technological change, and threats posed by climate change. By 2030, almost half of the world’s poor will live in countries affected by fragility and conflict, and emerging markets and low-income countries face an annual infrastructure financing gap of up to $1.5 trillion, said Kim.
“We have to face up to the fact that we are not reaching the scale required to make the kind of impact on growth that’s needed in developing countries,” Kim said at the packed event.
“These are no ordinary times. So ordinary measures will not work.”