Robert Zoellick Outlines World Bank Response to Global Economic Situation

April 02, 2008
Robert Zoellick outlined new approaches that the World Bank will take to help solve global problems today in a major speech delivered at an event organized by the Center for Global Development. Zoellick's detailed and wide-ranging speech included a proposal for what he called a "one-percent solution" -- for sovereign wealth funds to invest one percent of their holdings in equity in sub-Saharan Africa as a way of tapping long-term global liquidity to boost investment opportunities and development. Other issues he discussed included high global food prices and the prospect of shortages; the need for a global trade deal, and efforts to address the so-called "resource curse," the many problems that face countries that are rich in oil and other high-value commodities. The speech was well-received by a standing room-only crowd of nearly 200 people including development policy experts, policymakers, researchers and representatives of international NGOs. The full text of the speech, video, a press release and other materials are available on the World Bank website.


CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.