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WORLD BANK REPORT ON INCREASE OF UNEQUAL GLOBAL WEALTH

WORLD BANK REPORT ON INCREASE OF UNEQUAL GLOBAL WEALTH

Context:

According to the World Bank’s newly released Changing Wealth of Nations report, Global wealth has grown overall, but at the expense of future prosperity and by growing inequalities.

Key Highlights of the Report:

  • The report warned that many countries are on an “unsustainable development path” and are too focused on short-term gains.
  • Global wealth is growing, largely because middle-income countries have higher access to more developed economies. But many low-income countries remain stuck, holding less than 1% pie despite counting 8% of the world's population.
  • In countries where modern GDP [gross domestic product] is achieved by consuming or degrading assets over time, for example through overfishing or land degradation, total wealth is declining. This is possible even if GDP rises, but undermines future prosperity, "according to the text, entitled “The Changing Wealth of Nations 2021.”
  • The bank said that in low- and middle-income countries, forest resources are declining rapidly, by about 8% on a per capita basis 1995 to 2018.
  • Global fishing prices have dropped by 83% over the period.
  • In low-income countries, renewable energy sources make up 23% of their wealth and are essential for long-term growth.

Recommendations of the Report:

  • The report recommended that governments focus on long-term goals and “correct market failures” in investment.
  •  It said governments should take into account the income of citizens during their lifetime, as well as factors such as pollution, which cause millions to die prematurely.

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