World Bank Group Evolution: Technical fixes or Urgently needed Reform?

Improving global governance
Aug 14, 2023 | Bretton Woods Project

Twenty-five years after its last major reform, the World Bank is embarking on a wide review of its mission, operational procedures and financial mechanisms. Since 2020, poverty and inequality between and within countries have increased, and global growth has slowed with the Global South facing deep, overlapping crises which jeopardise the achievement of the Sustainable Development Goals (SDGs). Andrea Molinari and Leticia Patrucchi suggest in their article for the Bretton Woods Project that the WB’s current proposal risks failing to deliver the structural changes needed to support borrowing countries amidst global crises, and relies on general technical measures that function as patches favouring the ‘logic’ of the market. In light of the ‘crises of development’, retrogression on global development goals, and threats to the multilateral order, the Roadmap seems an inadequate response and should be reviewed.

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