World Bank moves to eradicate poverty

World Bank moves to eradicate poverty

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Following the deteriorating social status of people across the globe, the World Bank is set to break the cycle of poverty that is passed from generation to generation.
In its report, which was released to mark the 25th anniversary of the International Day to Eradicate Poverty, the global institution sounded the alarm on a lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality, and promoting
growth.
Group President, World Bank, Mr. Jim Kim, explained that the report would help the bank put together the first pieces of the economic mobility puzzle, focusing squarely on how one generation’s education can make or break the next generation’s success.
He said, “This highlights the important role of public policy in providing a level playing field, so that every child, regardless of parental background, can reach his or her full potential. The full report, to be released in early 2018, will broaden the scope and examine the drivers of income mobility, including the role of markets and the broader forces of economic transformation.
“We are living in the middle of a human capital crisis and need to do everything we can to create a world where children everywhere have the opportunity to become whatever they want. The potential of hundreds of millions of people is being wasted, as their chances remain too closely tied to the previous generation. We have to invest in young children so they are hardwired to succeed; encourage and meet the aspirations of young people, and act at all levels, especially locally, to ensure that tomorrow’s generation can thrive, regardless of where they are
born.”
He explained that increases in education from generation to generation have stalled over the last half-century. According to him, about half of people born in an average developing economy in the 1980s have more education than their parents, showing no improvement when compared to those born in the
1960s.
“If the world does not alter the way it invests in its children, particularly those coming from less advantaged backgrounds, there is little reason to believe that this assessment will be different 10 years from now, making an end to extreme poverty by 2030, an even bigger challenge.
“Low levels of upward mobility are particularly pronounced in the developing world, especially in Sub-Saharan Africa. For example, only around 12 percent of today’s young adults (born in the 1980s) in some Sub-Saharan African economies have more education than their parents, compared to more than 80 percent of the same generation in parts of
East Asia.
“All of the 15 economies where people’s education level is most closely tied to their parents’ education level are developing economies,” he added.

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