The World Bank has the opportunity to play a key role in fostering broadly shared economic growth and meeting the challenges presented by the 21st-century economy. It can help to alleviate extreme poverty, lift up the standard of living for people in developing countries, and empower women to participate fully in their countries’ economies. To do so, it must focus on its core mission of aiding developing nations and institute measurable accountability standards.
Being nominated to be the president of the World Bank is a challenge I fully embrace. I believe that strong growth principles work, that progress can be made in many of the poorest countries, and that the bank can be effective in promoting breakthroughs. Its many shareholders and talented staff have a wealth of experience and insight that can be brought to bear on the problems and challenges of developing nations. I look forward to working with development officials around the world to make this vision a reality.
If it is to realise its full potential, the bank should pursue measurable success — breakthroughs that materially raise median incomes. This begins with a commitment to prioritise activities that will lead to broad-based growth in each borrower and to a stronger, more stable global economy. The bank should work to move countries on from lending programmes when they achieve higher income levels, allowing it to concentrate on the developing nations most in need of lending.