Financial and Monetary Systems

Five key issues for the future of development

Clare Lockhart
Director and co-Founder, Institute for State Effectiveness (ISE)
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Financial and Monetary Systems

Debates are raging on what should replace the Millennium Development Goals (MDGs) after 2015 and the future of development in general.

Adding their voices to the debate, 35 World Economic Forum Young Global Leaders  recently met with leaders of organizations in Washington, DC – ranging from the World Bank and IMF to USAID and the US Congress – to address the challenges that lie ahead. The realization is sinking in that policy dialogue needs to ensure inclusive conversations on:

1. The changing poverty map

Huge numbers of people have been lifted out of poverty, especially in large emerging countries; however, there are a number of countries where many people remain trapped in poverty. The MDG goal of ending extreme poverty by 2030 will not be met unless poverty in countries afflicted by conflict and instability is addressed.

2. Private sector catalysts

While tools exist to encourage private sector investment, such as impact investing and risk mitigation instruments, it is clear that more tools must be created to bring the private sector to the table in the right way.

3. The power of technology

Technology is changing how consensus on economic reforms should be built; technology enhances accountability, coordination and creativity, and enables citizens, experts and officials to collaborate in new ways to identify solutions.

4. Demography and climate change

Demography and climate change are changing the human and physical landscape, presenting both a challenge and an opportunity for poverty reduction. In many countries, the majority of the population is under 25; a clear requirement is tackling youth disenfranchisement with pathways to jobs and skills.

5. Politics and reform

Changing how development actors do business is a widespread concern. Perceived failings include weakness in implementation and excessive reliance on multiple chains of contracting. Solutions include greater transparency, engaging with a broader spectrum of actors, including local civil society, and innovative companies breaking new ground, and shifting to new financing models.

Co-authors: Clare Lockhart is Director and Co-Founder of the Institute for State Effectiveness (ISE) and is a 2011 Young Global Leader and Nilmini Rubin is Senior Adviser to the US House of Representatives Committee on Foreign Affairs and is a 2006 Young Global Leader.

Image: White puzzle pieces REUTERS/Yuriko Nakao

 

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