Every October, the World Bank Group and International Monetary Fund (IMF) come together for our joint Annual Meetings. There, in the quest to End Poverty.
These discussions, covering dozens of sectors in every region of the world, offer many innovative solutions that affect millions – if not billions – of people globally. Looking back, all the small gains from many initiatives from 1990 to 2013 led to a reduction of global extreme poverty of more than one billion people.
October 17 is the International Day for the Eradication of Poverty. This year’s theme is Moving from humiliation and exclusion to participation: Ending poverty in all its forms. This is not only the United Nations’ Global Goal #1, but it’s also one of the World Bank’s two main goals.
Working to end poverty can be an everyday practice. And we have dedicated our work to helping nations invest in both people and infrastructure to achieve this goal. To support our mission to end poverty by 2030, we launched the #ItsPossible social media campaign to inspire hope that it is indeed possible to end extreme poverty – if we all work together.
Oilmin Holdings, a logistics management company providing services to the oil, gas, and mining industry in Papua New Guinea, did not employ all that many women, but they had a star performer in Rose.
Rose had risen from administrative assistant to office manager in the company’s headquarters in Port Moresby. Her boss at Oilmin wanted her to go further up the chain, but in their industry, the next logical step – and one required for senior management roles - was managing a field site. It required long hours and smarts. Rose was willing and able, but it also meant a very remote location. It was too risky, her managers decided; they didn’t know how to keep her safe. Sending extra security guards – all male – would only increase the risk to her, not protect her, they concluded.
Where are these 370 million people, who are they, and why they are so overrepresented among the poor?
Only about 8% of the Indigenous Peoples around the world reside in Latin America, a far smaller number than most people surmise. On the other hand, over 75% live in China, South Asia and Southeast Asia, according to World Bank’s first global study of poverty among Indigenous Peoples across the developing world, Indigenous Peoples, Poverty, and Development.
With the adoption of a universal development agenda and growing commitments to fight climate change from all corners, 2015 will be remembered as a high water mark for international cooperation. Almost a year later, when the news is dominated by violence and nationalism, it’s tempting to give in to pessimism about global trends. But I find reason to hope when I see the implementation of the Sustainable Development Goals (SDGs) gaining traction.
The SDGs were the result of the most collaborative and inclusive process in UN history and signal a very real shift in the way people think about tackling development challenges to deliver a viable future for both the planet and its people. There is growing understanding that the two are indelibly linked.
Last month, I traveled to Mexico to attend the launch of the country’s national financial inclusion policy.
The launch was an important milestone for the country, since just 44% of adults have access to a financial account, according to Mexico’s latest national survey on financial inclusion. The policy outlines a vision of how to extend access to formal financial services to the unbanked half of the population, and provides a roadmap for how to get there.
Worldwide, there are 2 billion unbanked adults and the international development community considers financial inclusion necessary to reducing poverty and boosting shared prosperity.
Mexico accounts for 2.6% of that global number. The country is also among the 25 countries the World Bank Group and partners have prioritized in the Universal Financial Access by 2020 initiative. The goal of this initiative is to enable access to a transaction account to store money, and send and receive payments by adults who are not a part of the formal financial system.
For the first time in history, the proportion of people living in extreme poverty has fallen below 10%. The world has never been as ambitious about development as it is today. After adopting the Sustainable Development Goals and signing the Paris climate deal at the end of 2015, the global community is now looking into the best and most effective ways of reaching these milestones. In this five-part series, I will discuss what the World Bank Group is doing and what we are planning to do in key areas that are critical for ending poverty by 2030: good governance, gender equality, conflict and fragility, preventing and adapting to climate change, and, finally, creating jobs.
Good jobs are the surest pathway out of poverty. Research shows that rising wages account for 30 to 50% of the drop in poverty over the last decade. But today, more than 200 million people worldwide are unemployed and looking for work — and many of them are young and/or female. A staggering 2 billion adults, mostly women, remain outside the workforce altogether. In addition, too many people are working in low-paying, low-skilled jobs that contribute little to economic growth. Therefore, to end poverty and promote shared prosperity, we will need not just more jobs, but better jobs that employ workers from all walks of society.
- end poverty
- International Development Association (IDA)
- fragile countries
- Fragile and Conflict Afflicted States
- private sector
- financial inclusion
- Information and Communication Technologies
- The World Region
Share your support today for End Poverty Day, October 17
All day, every day, ending poverty is our collective goal. We all want to make sure that everyone has access to jobs, education, food, protection from violence – the list goes on. A few weeks ago, global leaders and policymakers agreed on 17 Sustainable Development Goals (SDGs or Global Goals). No. 1 is ending poverty. So it seems fortuitous that Oct. 17 is International Day for the Eradication of Poverty – a day dedicated to raising awareness about what each of us can do to solve this global issue.
We’re asking everyone who wants to end poverty to show support. Change your profile pic on your social media channels to one of the eight End Poverty logos below. Share your vision of what must happen for a better world, whether it’s clean water or gender equality. Use the power of social media, using the hashtag #EndPoverty, to invite your family and friends to join the #EndPoverty movement. We have just the one world, let’s make it great.
I have been fascinated by the concept of frontier all my life. What brought us here? What’s next? As a kid, my favorite book was “Ten Thousand Whys,” a pop-science series with all kinds of seemingly trivial questions like “Why are there fewer stars in the sky in winter?”
I wrote my Ph.D. dissertation on the Production Efficiency Frontier Theory — how to identify the most efficient units in a production network and measure the technical frontier. Later I became more of a macroeconomist and my interest expanded to identifying countries standing on the growth frontier. Subsequently, I began studying the deepest thinkers and became convinced that humanity is on an important new frontier of cosmic evolution.