2008 Woodie Awards
Leaders predict a world without poverty
Erin Egan '07
Issue date: 9/28/06 Section: World
- Page 1 of 1
The growth of developing nations is no longer just an ethical and security concern of the richest and most powerful nations of the world. It is now a major force in an increasingly global economy.
The developing world has a huge stake in what the Economist has labeled "the world's fastest-ever decade of growth in GDP per head."
In plain English, this may mean that the prospects for a world with better standards of living, diminishing poverty, and thriving economies are much brighter for the next fifty years than they have been for the past twenty.
As of Sept. 12, the Annual Meetings of the World Bank and International Monetary Fund formally began.
In his opening statements, Paul Wolfowitz, president of the World Bank, claimed that his organization has enjoyed "record setting success" in the past year.
He also made note of the record dollar amounts allocated to both efforts in Africa and middle-income countries.
The result was a 5.6 percent average growth rate that developing nations have been able to sustain for five years; 3.7 percent higher than in the developed world.
There is substantial potential for growth for the four largest emerging economies: Brazil, Russia, India and China.
According to Jim O'Neil, head of Global Economics at Goldman Sachs, in less than 40 years these four economies are projected to become larger than the aggregate size of the G7 (the seven largest economies in the world).
China alone could surpass the United States in terms of GDP. These rising powers will undoubtedly change the dynamics of a global economy forever by reframing how we rank and think about economies.
No longer will the largest economies (ranked by GDP) be home to the richest populations (ranked by GDP per capita.)
As for the rest of the developing world? Experts speculate it is also on a path of potential success and risk. Wolfowitz prioritized two initiatives for the World Bank: growing investment in Africa and fostering of governance everywhere.
He stated that "good governance is not an end to itself, but rather the foundation of the path out of poverty…it ensures every development dollar is used to fight poverty, hunger and disease."
Statistics of growth, strengthening governments, and a flattening economy overflowing with international trade all shine light on the dismal reality of low-income and poverty stricken nations.
This all contributes to a brazenly optimistic claim on the part of Jeffrey Sachs, director of the Earth Institute at Colombia University and President and Co-Founder of the Millennium Promise Alliance.
Sachs claimed that "For the first time in history, our generation has the power to abolish poverty worldwide."
The Millenium Promise Alliance believes that today's leaders have the opportunity to end extreme poverty by 2025.
The developing world has a huge stake in what the Economist has labeled "the world's fastest-ever decade of growth in GDP per head."
In plain English, this may mean that the prospects for a world with better standards of living, diminishing poverty, and thriving economies are much brighter for the next fifty years than they have been for the past twenty.
As of Sept. 12, the Annual Meetings of the World Bank and International Monetary Fund formally began.
In his opening statements, Paul Wolfowitz, president of the World Bank, claimed that his organization has enjoyed "record setting success" in the past year.
He also made note of the record dollar amounts allocated to both efforts in Africa and middle-income countries.
The result was a 5.6 percent average growth rate that developing nations have been able to sustain for five years; 3.7 percent higher than in the developed world.
There is substantial potential for growth for the four largest emerging economies: Brazil, Russia, India and China.
According to Jim O'Neil, head of Global Economics at Goldman Sachs, in less than 40 years these four economies are projected to become larger than the aggregate size of the G7 (the seven largest economies in the world).
China alone could surpass the United States in terms of GDP. These rising powers will undoubtedly change the dynamics of a global economy forever by reframing how we rank and think about economies.
No longer will the largest economies (ranked by GDP) be home to the richest populations (ranked by GDP per capita.)
As for the rest of the developing world? Experts speculate it is also on a path of potential success and risk. Wolfowitz prioritized two initiatives for the World Bank: growing investment in Africa and fostering of governance everywhere.
He stated that "good governance is not an end to itself, but rather the foundation of the path out of poverty…it ensures every development dollar is used to fight poverty, hunger and disease."
Statistics of growth, strengthening governments, and a flattening economy overflowing with international trade all shine light on the dismal reality of low-income and poverty stricken nations.
This all contributes to a brazenly optimistic claim on the part of Jeffrey Sachs, director of the Earth Institute at Colombia University and President and Co-Founder of the Millennium Promise Alliance.
Sachs claimed that "For the first time in history, our generation has the power to abolish poverty worldwide."
The Millenium Promise Alliance believes that today's leaders have the opportunity to end extreme poverty by 2025.