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WASHINGTON / EXTREME POVERTY
STORY: WASHINGTON / EXTREME POVERTY
TRT: 2:41
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/ NATS
DATELINE: 3 OCTOBER 2016, WASHINGTON DC
1. Wide shot, Brookings Institution meeting room
2. SOUNDBITE (English) Jim Yong Kim, President of World Bank Group:
“Since 1990, more than 1 billion people have escaped extreme poverty. Great strides towards ending extreme poverty have been made by countries like China as a result of trade and the openness of their domestic industries to global competition. Countries working together, and especially trading together, have delivered lasting progress. So in the end we have made progress. But at the same time, in most parts of the world we are facing strong headwinds – a slowing global economy y hit by falling commodity prices and stagnating global trade, that’s really historic. Global growth is now projected at 2.4% for 2016; investments are soft and export prospects are deteriorating with commodity exporters facing particularly difficult conditions. But there is more worrying news. We now have the highest number of developing countries in recession since 2009. Our latest growth forecast for Sub-Saharan Africa is only 1.6 percent, which is a downgrade, for 2016, far below population growth which is around 3 percent.”
3. Wide shot, audience
4. SOUNDBITE (English) Jim Yong Kim, President of World Bank Group:
“To begin with, ending extreme poverty and boosting shared prosperity is our bottom line. We will get there through three main pathways. The first is to accelerate inclusive and sustainable economic growth. This has always been the core of our activities. The second, by investing more in human capital, and the third: by fostering resilience to global shocks and threats, like climate change, forced displacement, etc. So two goals, three ways to get there.”
5. Med shot, photographer
6. Wide shot, audience
7. SOUNDBITE (English) Jim Yong Kim, President of World Bank Group:
“It is hard to overstate the urgency of making more and more effective investment in people. I believe it will determine the very future of nation states. And this is especially true when considering the importance of investing in the early years. Millions of young children do not reach their full potential because of inadequate nutrition, lack of early stimulation and learning opportunities and exposure to stressful environments. Making investments in the earliest parts of peoples lives will make a huge difference in a country’s ability to compete in a global economy.”
8. Wide shot, audience applauding
World Bank Group President Jim Yong Kim outlined three fundamental pillars that will drive momentum toward achieving the organization’s goals of ending extreme poverty by 2030 and boosting shared prosperity.
Speaking at the Brookings Institution in Washington D.C. on Monday afternoon (03 Oct), Kim pointed to a new report that lays out how income inequality between all people in the world has decreased, and inequality within nations has been falling in many countries, both rich and poor. But inequality is still far too high, both globally and within countries. This constrains growth and breeds instability.
He said that since 1990, more than 1 billion people have escaped extreme poverty. Taking China as an example, he said “great strides towards ending extreme poverty have been made by countries like China as a result of trade and the openness of their domestic industries to global competition,” adding that “countries working together, and especially trading together, have delivered lasting progress.”
Kim said “in most parts of the world we are facing strong headwinds – a slowing global economy hit by falling commodity prices and stagnating global trade, that’s really historic. Global growth is now projected at 2.4% for 2016; investments are soft and export prospects are deteriorating with commodity exporters facing particularly difficult conditions. But there is more worrying news. We now have the highest number of developing countries in recession since 2009. Our latest growth forecast for Sub-Saharan Africa is only 1.6 percent, which is a downgrade, for 2016, far below population growth which is around 3 percent.”
On the three fundamental pillars, Kim said “ending extreme poverty and boosting shared prosperity is our bottom line. We will get there through three main pathways. The first is to accelerate inclusive and sustainable economic growth. This has always been the core of our activities. The second, by investing more in human capital, and the third: by fostering resilience to global shocks and threats, like climate change, forced displacement, etc. So two goals, three ways to get there.”
On the second pillar, investing in human capital, Kim stated that making investments in the earliest part of people’s lives will make a big difference in countries’ ability to compete.
He said “it is hard to overstate the urgency of making more and more effective investment in people. I believe it will determine the very future of nation states. And this is especially true when considering the importance of investing in the early years. Millions of young children do not reach their full potential because of inadequate nutrition, lack of early stimulation and learning opportunities and exposure to stressful environments. Making investments in the earliest parts of peoples lives will make a huge difference in a country’s ability to compete in a global economy.”
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