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Invest in people: Now is the time

Representing 189 member states, the EESC voiced its concerns about the growing indebtedness of some newly industrialising and low-wage states. Stockholders asked the banking group to work with the IMF to help support country budgetary strengthening by enhancing capacities for managing debts, mobilising indigenous resources and enhancing the depth of locally sourced financial assets. It also stressed the vital importance of global commerce for economic prosperity, employment generation and sustainability.

Commenting on the statement, the Commissioner and Kim stressed the crucial importance of creating basic humankind, particularly in view of the impact of technology on employment, the finance industry and other dimensions of sustainable economic growth. Tightly tied to humankind is the need to make sure that all people have equal opportunities to the abilities they need to adjust and grow in times of globalisation.

That is the main thrust of the World Development Report 2019: The changing Nature of Work, which was also published at the summit. Kim and the Panel both noted that enabling technologies can help accelerate advances in the banking group's two objectives of eliminating severe levels of deprivation and promoting common wellbeing. However, the acceleration of innovation also entails risk, especially if it creates new workplaces and makes others outdated.

He also reaffirmed IDA' s endorsement of the banking group's funds for the world' neediest nations and highlighted the main characteristics of IDA' s present financing cycle: the IDA' s Privatesector Window, a partnering with IFC and MIGA to promote personal investments in low-income and vulnerable economies, and IDA' s entry into global financial capital through a very strong first debt issuance.

Kim's address noted that the meeting provided an opportunity to exchange new views and views that could speed up the Group' s two objectives: to end severe global deprivation by 2030 and to increase the combined wealth of the world's 40 per cent of the poor. However, despite remarkable growth in recent years, Kim stressed the "strong realities of the HR crisis".

Wherever individuals strive for a better quality of living that they know elsewhere but cannot reach, the frustrations can set them on the road to fragile, violent, conflict, extremist and migratory situations.

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