After a busy week in Washington D.C. trying to understand and solve challenges facing the world’s most vulnerable countries, the World Bank President, David Malpass, said on Saturday that there were still over 700 million extremely poor people on earth and the time to act was now.
“Our mission is more urgent than ever. Extreme poverty remains at over 700 million people and income growth is insufficient to achieve shared prosperity,” Mr Malpass said in a statement from Washington D.C., a day to the end of the Meetings on Sunday.
According to him, “it is critically important that we work tirelessly to foster broad-based growth, raise median incomes, create jobs, and fully incorporate women and young people in economies, to support a stronger, more stable global economy for everyone.”
The good news, he argued, was that “the World Bank Group is well-positioned to help in these efforts”.
“We have the right tools and resources, talented and professional staff, and a clear and urgent mission.”
Thousands of financial experts and policymakers have been in Washington D.C. for a week, discussing from issues from climate change to the digital economy.
The World Bank and the IMF both projected that the global economy was expected to pick up but warned that trade wars, climate change, instability and bad fiscal and monetary policies could prevent growth.