WASHINGTON — My visit to Japan (through May 26) comes at a time of momentous challenges for global development. The worst of the economic crisis appears to be behind us, but the recovery remains fragile and uneven. In the developing world, 43 poor countries are suffering effects of the recession, facing a shortfall of $11.6 billion in spending for health, education and other basic services. Due to the crisis, in 2010, an estimated 64 million more people worldwide will fall into extreme poverty — defined as living on less than $1.25 per day.
While the acute effects of the crisis may now be over, the longer term development agenda still remains and has become even more challenging. The World Bank Group's mission to achieve a world free of poverty, to foster sustainable, inclusive growth and prosperity, has never been more relevant. The World Bank, as an institution owned by 186 member countries, works around the globe, across all sectors, to bring financial and technical assistance to our borrowing countries for the benefit of the poor. With international financing likely to remain scarce, there is an urgent need for action, to prevent putting years of developmental progress into jeopardy.
As we strive to tackle these challenges, we firmly believe that our greatest asset is our staff. They are an extraordinary group of men and women selected by merit and competition, recruited from over 160 countries. They contribute diverse perspectives and a broad range of global experience, many with multiple language skills and expertise in several disciplines. In an increasingly volatile world where the World Bank is often required to formulate an urgent, cooperative response in some very difficult environments, our staff has risen to the occasion time and again to deliver our services effectively to help the world's poorest people.