13th Oct 2017.
Tunde Alabi Washington DC
World Bank Group President Jim Yong Kim has said the world economy and growth are being threatened by conflict, climate change, famine, international and home grown terrorism.
The World Bank Group President disclosed this at the Plenary Session of the World Bank Annual Meetings in Washington DC. Speaking he said ”It often feels like our increasingly interconnected world is in fact falling apart and countries and peoples are pulling away from each other.
Mr Kim who was in the company of other world leaders and finance ministers noted that the World Bank is poised to find solution to critical global issues, ”Amidst this turbulence, organizations like the World Bank Group must step forward and help to build new foundations for human solidarity. We are part of the post-1945 world order that was predicated on the notion that what affects one city, one country, one region can have immediate and lasting impacts on us all”.
As part of a goal announced in 2013, Mr Kim highlighted some of the success of the world bank to end extreme poverty among the world poorest 40 percent in the world and boost shared prosperity by 2030.
Speaking on the three pillar of strategies for achieving the set goals, the World Bank Group President stated ”A year ago, I explained the three ways we will get there: by accelerating inclusive, sustainable economic growth; by building resilience to shocks and threats; and by investing more – and more effectively – in people”.
He stated that countries are currently faced with making tough fiscal decisions due to scarce public funds. However, he advised that leaders and finance ministers should give priority to education, health, social protection and human development as they remain the solution to economic challenges.