Please forward this error screen to 172. With 189 member countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in the development of speech of preschool children report countries. The World Bank Group works in every major area of development.
We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Dame Shirley Pearce, Director David Webb, distinguished faculty, students, and guests. Thank you for hosting me this evening. It’s a great honor to be here with you, and with representatives from our close partners: the UK Government, including the Department for International Development and Her Majesty’s Treasury.
And I want to commend the UK Government for its continued leadership in meeting the commitment to spend 0. 7 percent of GNI on development assistance. Your commitment is a source of great hope for all of us in the world of development. LSE is one of the world’s great academic institutions, a fitting place to talk about the forces in the world that are making us fundamentally rethink our approach to development at the World Bank Group. I talked about the three paths we would follow to get to our target. The first path is to accelerate inclusive and sustainable economic growth.
We’re doing this by laying the foundations for more effective public services, by improving governance and tackling corruption, by accelerating infrastructure investment, by lowering real and perceived risks for private investment, by making trade work for everyone, and by creating markets to bring the benefits of private sector rigor and innovation to developing countries. We believe that the premium on human capital will get higher and higher every year. The demands for digital competency are accelerating, as indicators suggest that automation will replace many of the less complex and low-skilled jobs. The remaining jobs will demand new and more sophisticated skills.
And the third path is to foster resilience to global shocks and threats. We’re living in a time of multiple overlapping crises: pandemics, climate change, refugees, famine. Right now, in parts of East Africa and Yemen, we’re seeing what the UN is calling the worst famine in 70 years. It’s critically important to help countries prepare for these crises. The World Bank Group is now the world’s largest funder of climate-related investments. We’re pioneering a first of its kind pandemic insurance facility.
There’s never been a better time to find those win-win solutions. 2 billion under IDA18, our fund for the poorest, to support the low-income countries that are hosting refugees. For the first time, we’re also providing concessional, essentially below market interest financing to any middle income country hosting refugees through our new Global Concessional Financing Facility, starting with support to Jordan and Lebanon, who are hosting millions of Syrian refugees. In the midst of these crises and our efforts to respond, the world is changing rapidly. In some quarters, we’ve seen a rejection of globalization, and there’s debate about the benefits of the global market system.
It’s true that many people feel they haven’t experienced the benefits of globalization. Recent studies of the US and European job markets document the hollowing out of segments of the workforce. An analysis we just released with the IMF and the WTO shows that trade has greatly benefitted the poor, but its benefits have not been experienced by everyone. In many places, middle class incomes have stagnated and jobs have disappeared.