Within our lifetimes, the world could be free of widespread, extreme poverty, replaced instead with shared prosperity and environmental and fiscal balance. That was the vision World Bank President Jim Yong Kim outlined at his first Spring Meetings in Washington, D.C. last week.
In a period of economic uncertainty, social exclusion, and climate and environmental crises, these goals hold immense promise. At the same time, for an institution already grappling with its redefined role in the coming decades, the Bank’s current capacity to support this vision will be tested.
The Common Vision for the World Bank Group that was approved by the World Bank’s Development Committee on April 20th includes two goals the Bank will work towards:
alleviating extreme poverty by dropping the percentage of people living on less than U.S.$ 1.25 a day to 3 percent by 2030, and
promoting shared prosperity by fostering income growth of the bottom 40 percent of the population in every country
These two core goals are supplemented by the Bank’s understanding that they cannot be achieved without credible action to ensure environmental sustainability, especially on climate change.