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Slowing economic growth around the world is endangering the World Bank’s goal of ending extreme poverty by 2030. That is what World Bank President Jim Yong Kim said recently. He said the goal remains within reach. But he thinks extreme poverty will disappear only if world leaders and financial and development agencies do their part. The United Nations says extreme poverty is a condition in which basic human needs are not being satisfied or met. These needs include having clean drinking water, food and an education. Jim Yong Kim says the world has made some progress toward reaching the goal. He says over 25 years the number of people living in extreme poverty has been cut in half. However, nearly one billion people continue to live on less than about $1.25 a day. Slowing economic growth in industrial and developing economies is affecting the fight against extreme poverty. Mr. Kim says one solution is to partner with new financial institutions, such as the Asian Infrastructure Investment Bank and the New Development Bank. Banking coalitions could help identify financing for transportation and other infrastructure needs that the World Bank alone cannot provide. Many people are concerned that new lending agencies will reduce the influence of existing ones. But Mr. Kim says the issue is not influence. He says the enemy cannot be other institutions, but has to be poverty. The World Bank is expected to consider those issues when world leaders gather at the United Nations later this year.
