Strategies to reach the poorest must be adapted to the context of each country, taking into account the latest data and analysis, as well as the needs of the population. How the world responds to today’s major challenges will have a direct impact on whether current trends in global poverty reduction can be reversed.
The World Bank recommends a complementary two-track approach: responding effectively to the urgent near-term crisis, while continuing to focus on core development issues, including conflict and climate change.
Bridging the gap between political aspirations and achievements
Too often, there is a huge gap between policies as formulated and their practice – between what citizens legitimately expect and what they experience on a daily basis. Policy aspirations may be laudable, but there is likely to be considerable variation in the extent to which they can be achieved and which groups will benefit. For example, at the local level, those with the least influence in a community might not be able to access basic services. It is essential to develop implementation strategies that can respond quickly and flexibly to close the gaps.
Improve learning, improve data
From information collected in household surveys to pixels captured by satellite images, data can inform policies and boost economic activity, providing a powerful weapon in the fight against poverty. Now more than ever, data is available, but its value remains largely untapped. Data is also a double-edged sword, requiring a social contract that builds trust by protecting people from abuse and harm, and works towards equal access and representation.
Investing in preparedness and prevention
The COVID-19 pandemic has demonstrated that years of progress in poverty reduction can quickly disappear in a crisis. Preventive measures often have weak political results, with little recognition of the disasters avoided. Over time, populations that have never experienced a calamity may become complacent, assuming that these risks have been eliminated or that they can be easily dealt with if they occur. COVID-19, along with climate change and ongoing conflict, remind us of the importance of investing in preparedness and prevention measures in a comprehensive and proactive manner.
Expand cooperation and coordination
Contributing to and maintaining public goods requires extensive cooperation and coordination. This is crucial to promoting widespread learning and improving the foundations of data-driven policymaking. It is also important to create a sense of shared solidarity during crises and ensure that officials’ difficult policy choices are both trustworthy and trustworthy.
Overall, with more than 60 percent of extremely poor people living in middle-income countries, we cannot focus only on low-income countries if we want to end extreme poverty. We must focus on the poorest people, wherever they live, and work with countries of all income levels to invest in their well-being and their future.
The goal of ending extreme poverty goes hand in hand with the World Bank Group’s goal of promoting shared prosperity, focused on increasing income growth among the poorest 40 percent of each country. country. Boosting shared prosperity translates broadly into improving the well-being of the poorest in each country and involves placing a strong emphasis on tackling persistent inequalities that keep people in poverty from generation to generation.
Our work at the World Bank Group is based on strong country programs aimed at improving living conditions, boosting growth, increasing median incomes, creating jobs, fully integrating women and youth into economies, to address environmental and climate challenges and support stronger policies, more stable economies for all.
We continue to work closely with countries to help them find the best ways to improve the lives of their most disadvantaged citizens.
Last updated: October 17, 2023
