The revolution in communications technologies is shrinking the distance between nations, providing new opportunities for the transfer of knowledge and the development of skills-based industries. And technological advance globally offers great potential for the eradication of poverty. But the benefits of globalisation are not shared equitably. Prosperity remains the preserve of the few. Despite the progress of the past fifty years, half the world's population lives on less than two US Dollars per day.
Many millions live in conditions of extreme deprivation.
The poor are being marginalised. Expanded capital flows have also brought with them the risk of greater financial instability, undermining the hope that a commitment to open markets can lift the developing world, especially the least developed countries, out of poverty and debt. The persistence of poverty and human deprivation diminishes us all. It also makes global peace and security fragile, limits the growth of markets, and forces millions to migrate in search of a better life. It constitutes a deep and fundamental structural flaw in the world economy.