This document outlines the salient features of the changing landscape and their implications for multilateral development institutions, and discusses how the World Bank Group contributes to the establishment of modernized multilateralism and identifies priority areas that will shape its focus in the coming years.
1. As the second decade of the 21st century begins, we face a transformed global landscape. Only a few years ago, the global economy was riding a wave of robust and widespread expansion with encouraging progress in the fight against poverty. Events of the last two years have changed this outlook with progress stalled or reversed and millions pushed back into extreme poverty.
2. The most acute phase of the global crisis is now behind us. But lessons learned from the crisis should not be forgotten. And at a time when challenges have become increasingly global, the world is taking on a new economic power configuration. This will require robust multilateral institutions that can legitimately convene all powers, old and new, to reach effective solutions to solve global development challenges.
3. As a premier development institution with global membership, the World Bank Group (WBG) plays a key role in building a new multilateralism by deploying its strengths and comparative advantages. To step up to the challenge, the WBG is (1) establishing priority areas of strategic engagement; (2) reforming its business model; and (3) improving its governance, transparency, and voice and participation.