Riding the Wave

Developing East Asia and Pacific has led the way in showing how rapid and broadly shared growth can lift millions out of poverty. As this book shows, the region has achieved even more: the wave of prosperity across the region since the 1980s has lifted three out of five of its citizens into economic security, where their risk of falling into poverty is minimal. And a solid middle class has emerged in most countries. These successes, however, do not guarantee that inclusive growth--growth that reduces poverty and delivers upward mobility and economic security for all―is ensured. The region has become more diverse, with progress varying across countries and extreme poverty increasingly concentrated among specific groups. Roughly one-fifth of the region's population remains at risk of falling into poverty, and prospects for upward mobility are increasingly elusive across the income distribution, reflecting a growing concentration of income and wealth and limited access to basic social services. Challenges old and new, including rapid aging and less certain growth prospects, are also increasing the premium on economic security for all. Riding the Wave is about how countries across the region can effectively confront these challenges and achieve inclusive growth.

The World Bank came into formal existence in 1945 following the international ratification of the Bretton Woods agreements. It is a vital source of financial and technical assistance to developing countries around the world. The organization's activities are focused on education, health, agriculture and rural development, environmental protection, establishing and enforcing regulations, infrastructure development, governance and legal institutions development. The World Bank is made up of two unique development institutions owned by its 185 Member Countries. The International Bank for Reconstruction and Development (IBRD) focuses on middle income and creditworthy poor countries and the International Development Association (IDA), which focuses on the poorest countries in the world.