Ordinary people in many parts of the developing world are feeling more and more left out. While hundreds of millions have been lifted out of extreme poverty since the 1990s, particularly in places like China and Latin America, many have stayed behind.
The gap between the rich and poor has grown, and is widening. About 20 percent of developing country populations as a whole still live on less than US$1.25 per day—at least one billion people. Lack of income translates directly to lack of access to basic services and resources. According to the United Nations, the poorest children in developing countries are still up to three times more likely to die before their fifth birthday than children of well-off families.
Confidence has been falling in the ability of governments to manage their economies in ways that provide for a prosperous, sustainable, and healthy society. In short, these economies—whether robust or not—are not doing much for ordinary people, and policy is failing to deliver sustainable, so-called “inclusive” prosperity.