World Bank
The World Bank (WB) is focused on assisting low-income nations with their economic development. It provides funds to countries at concessional rates to pay for infrastructure and reduce poverty. It also offers technical assistance to nations, guiding them in how to best achieve social and economic development. Much of the growth in many low-income nations can be credited to the work of the WB, and as such has allowed those countries to participate in global market
Variation in the standard of living in the global economy:
Standard of living is most commonly measured by Gross National Income (GNI) per capita. However, economists recognize the limitations of this measure as an indicator of variations in living standard of the global economy
The most disturbing feature of the global economy is the significant differences in the standard of living between developed and developing countries.
- 1.2 billion people earn less than $US 1 per day
- 1 billion people don't have access to fresh water
- 18 million people a year die of poverty related to diseases
- 80% of world GDP goes to 15% of world population
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