Jos Verbeek, the World Bank’s Special Representative to the UN and the WTO in Geneva participated at the G-24 Special Workshop on Growth and Reducing Inequality held in Geneva on September 4-5. The workshop discussed the perspectives, successes and challenges relevant to developing countries’ efforts to boost growth and reduce inequality. The workshop brought together experts from International Finance Institutions, UN agencies and developing countries to gather a diverse range of views and research on trends, drivers and policy responses.
Verbeek’s presentation titled “Poverty reduction and shared prosperity: Findings and policy approaches” discussed trends in extreme poverty and inequality, ways to end extreme poverty with current trends, and policy options to tackle inequality.
Verbeek shed light on the profile of global poor across the world, trends in global income distribution, and ways access to services differs across the income distribution. He also discussed the three key elements to end poverty and reduce inequality at a faster pace. First, it is essential to accelerate inclusive and sustainable growth through crowding in private sector resources to finance infrastructure. Second, investing in people through early childhood development and expanding social safety nets is significant to build resilience of households and children. Third, build resilience globally and domestically to (1) emerging shocks like pandemics, climate, fragility and conflict, and to (2) traditional shocks relates to the macroeconomy and trade.