A Call for Action for the World’s Youth
2006 was the year the world recognized the need to invest in young people, and the future.
Leaders called for action to get an estimated 100 million children into school, immunize millions against vaccine-preventable diseases, protect young people from violence, malaria, and HIV/AIDS, prepare for climate change that threatens the well-being of future generations, and offer greater opportunities to some 1.3 billion young people in the developing world.
“The young generation today is extremely big and probably the biggest it will ever be in many countries,” said World Bank Chief Economist Francois Bourguignon. “And this offers a fantastic opportunity to countries because they can invest in this young generation, which will be responsible for future development.”
Good Governance: A Time for Action
World Bank President Paul Wolfowitz affirmed the World Bank's commitment to helping countries achieve "good governance"-honest, accountable, effective governing-as a key route to prosperity and growth.
"We know that when governments don't work, the development assistance we provide to governments doesn't work either," Wolfowitz said. "But when governments do work-when they confront corruption and improve their rule of law-they can raise their national incomes by as much as four times in the long run."
Climate Change
World concern about the impact of climate change gained momentum in 2006. At the request of G8 leaders, the Bank created a framework for clean energy and development to assess how to meet the developing world's energy needs without significantly adding to greenhouse gases and to urge development of renewable energy. The Bank also began to include climate change and disaster preparedness in development planning and to step up efforts to protect vital resources such as water and forests.
Investing in Health
The Bank stepped up efforts in 2006 to battle two of the world's most serious health threats, HIV/AIDS and malaria through major programs in Africa, while supporting global efforts to save lives through immunizing children and preparing for a possible avian flu outbreak.
Gender and Development
The Bank's focus on gender issues increased in 2006 with the launch of the four-year, US$24.5 million gender action plan in September as well as greater emphasis on the impact of gender on HIV/AIDS. The action plan aims to spur greater economic potential for women in key areas such as infrastructure, agriculture, and finance in developing countries, increase resources devoted to gender issues in Bank operations and technical assistance, and ramp up research and statistics-gathering on how gender-based economic barriers affect a country's economy.
Africa: Signs of Progress
Africa remained the Bank's top priority in 2006 amid signs of progress and opportunity one year after launching the Africa Action Plan. The Bank fortified major health initiatives to combat malaria, HIV/AIDS, and childhood diseases. Conflict in the region eased and primary school enrollments rose as countries improved their business climates and trade, investment, and development expanded. "The challenge for us in the development community in these countries is to accelerate that growth, and to help others find and follow their path to prosperity," says World Bank President Paul Wolfowitz.
Education and Equity
With an estimated 100 million children out of school and many more failing to graduate from high school, world leaders stepped up efforts in 2006 to raise long-term funding for the Education for All Initiative. The Bank also supported research and projects to increase the quantity and quality of education in Africa, Latin America, and Asia, and to promote education as key to achieving equity and growth. "We need to recognize how important education is for the future of the world and for the dream of a world free of poverty," said Bank President Paul Wolfowitz.
Time to Invest in Youth
The 1.3 billion young people now living in the developing world pose both an opportunity and a challenge to governments, says the 2006 World Development Report. Young people today are healthier and better educated than previous generations, but failure to invest in this largest ever youth group in history could lead to widespread disillusionment and social tensions.
"The opportunities are great, as many countries will have a larger, more skilled labor force and fewer dependents. But these young people must be well-prepared in order to create and find good jobs," says François Bourguignon, the World Bank's Chief Economist and Senior Vice President for Development Economics.
Debt Relief for Poor Countries
In July, the Bank began canceling US$37 billion in debt to some of the world’s poorest countries under the multilateral debt relief initiative, fulfilling a 2005 commitment of G8 leaders.
“That landmark commitment provides much needed debt relief for the world's poorest countries, releasing funds to achieve the MDGs (millennium development goals),” Bank President Paul Wolfowitz said.
The MDRI builds on debt relief that has been provided under the HIPC Initiative since 1996. Over the last ten years, the Bank and other creditors have approved more than $56 billion in debt relief for 28 countries.
Global Trade and Finance
The Bank's Global Development Finance 2006 report revealed 2005 was a landmark year in global development finance, with net private capital flows to developing countries reaching a record high of US$491 billion. GDR and additional research indicates investments flows are increasingly occurring between developing countries and growing at a faster rate than investment between the developed and developing world.
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