World Bank: Global Poverty End in 15 Years

The World Bank said this week that the world is capable of ending global poverty in the next 15 years, but described this action as “extraordinarily difficult.” If the nations of the world can band together in making difficult decisions to enact growth-stimulating reforms they could eradicate poverty.

The World Bank said this week that the world is capable of ending global poverty in the next 15 years, but described this action as “extraordinarily difficult.” If the nations of the world can band together in making difficult decisions to enact growth-stimulating reforms they could eradicate poverty.

These “tough decisions” include nations investing in their people and providing insurance to help keep citizens from sliding back into poverty. World Bank President Jim Yong Kim delivered the comments as he spoke in Accra, Ghana. His speech, as reported by the Huffington Post, came during ceremonies to mark the International Day for the Eradication of Poverty.

Kim noted the World Bank’s desire to improve the lives of people around the world. He said that to accomplish this dream, the World Bank has two primary goals: ending poverty by 2030 and boosting shared prosperity for the bottom 40 percent of the population in developing nations.

However, although Kim feels the eradication of poverty is entirely possible, he cautioned that it “will be extraordinarily difficult, especially during this time of low global economic growth, low commodity prices and pending interest rate hikes.”

Unlike many optimists who predict a better financial future but have little data to support their rosy outlook, Kim based his comments on well-considered analysis and hard factual findings. He pointed to the drop in numbers of people living on less than $1.90 a day: it should fall below 10 percent this year to 9.6 percent. Similarly, poverty levels in sub-Saharan Africa have fallen from 56 percent in 1990 to a predicted 35 percent in 2015, according to the World Bank’s data.

Unfortunately, rapid population growth stands in the way of much of this progress towards wiping out poverty once and for all. Kim also felt the need for global transparency in order to fight illicit money flows that can lead to or exacerbate poverty.

Kim was visiting Ghana to participate in high-level discussions regarding poverty in Africa, and to prepare and deliver reports on this issue. For his part, Ghana’s President, John Dramani Mahama, expressed the opinion that there is a need for transformative programs across the entire African continent in order to adequately develop agriculture, create jobs, and providing adequate food for the people of Africa.