World Bank Group President Jim Yong Kim
WB Prexy Wants Inequality Cut To End Poverty
MONROVIA, October 3 (LINA) - World Bank Group President Jim Yong Kim has said “unless countries can resume faster global growth and reduce inequality, the world risks missing the World Bank target of ending extreme poverty by 2030.”
“It’s remarkable that countries have continued to reduce poverty and boost shared prosperity at a time when the global economy is underperforming,” the bank’s release issued in Washington Monday quotes him as saying.
He observed that “too many people still live with far too little,” stating, “The message is clear that to end poverty, we must make growth work for the poorest, and one of the surest ways to do that is to reduce high inequality, especially in those countries where many poor people live.”
Meanwhile, according to new World Bank Study on poverty and shared prosperity, extreme poverty worldwide continues to fall despite the lethargic state of the global economy.
The study, however, warns that given projected growth trends, reducing high inequality may be a necessary component to reaching the world’s goal of ending extreme poverty by 2030.
According to the inaugural edition of poverty and shared prosperity, nearly 800 million people lived on less than US$1.90 a day in 2013, which is around 100 million fewer extremely poor people than in 2012.
Half the world’s extremely poor now live in Sub-Saharan Africa, and another third live in South Asia.
In 60 out of the 83 countries covered by the new report to track shared prosperity, average incomes went up for people living in the bottom 40 percent of their countries between 2008 and 2013