The IMF and the World Bank are sounding a warning that global authorities are falling off course in their endeavors to eradicate extreme poverty by 2030. Growing income disparity between rich and poor nations is effectively undermining hopes of eliminating extreme poverty on a global scale. In response, policymakers are calling for a multilateral strategy to safeguard countries from the economic challenges stemming from ongoing global crises. Global financial experts from the International Monetary Fund (IMF) and the World Bank are sounding a warning that authorities are veering off course in their efforts to eradicate extreme poverty by 2030. According to these international organizations, weaker economies are becoming increasingly vulnerable to external shocks, which are disproportionately affecting emerging markets and developing economies. imultaneously, the gap in income levels between affluent and impoverished nations is growing more pronounced, effectively diminishing the prospects of achieving the goal of eliminating extreme poverty by 2030. Eliminating extreme poverty These insights were disclosed during the 2023 World Bank and IMF Annual Meetings in Marrakech. A joint statement that offers the way forward was signed by prominent figures, including World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, Kingdom of Morocco Minister of Economy and Finance Nadia Fettah, and Bank Al-Maghrib Governor Abdellatif Jouahri. Simultaneously, policymakers are now advocating for a multilateral strategy to shield countries from the economic adversities caused by ongoing global crises. These challenges range from the COVID-19 pandemic, the Russia-Ukraine conflict, and severe weather conditions impacting various regions to internal conflicts...
The world is off track on path to end extreme poverty by 2030
Posted on: October 19, 2023
Posted on: October 19, 2023