Despite Jim Yong Kim’s efforts to save the World Bank, still, everything seems to be faltering.
This is not the first time that people see the decline of the World Bank. In fact, this infamous Bank is so controversial that exploitation, debts, corruption, and dominion over countries are associated with it issue after issue. From time to time, different scenarios leave the bank in the brick of its downfall; and today, the decline is about the war between Mr. Kim and his employees. Well, this is not where it all started.
Mr. Kim has had his modernization plans since he was put in the president’s seat in 2012; however, up to this date, there is neither improvement nor any type of reform. Instead, what the world is witnessing now is the utter fall down of the World Bank and that Mr. Kim hasn’t done anything much about it.
The reform that Mr. Kim wants, was to keep two things that he believes boost businesses from poorer countries—economic proficiency and cheap capital. However, in order to achieve this, the Bank’s people have to endure desperate moves. Just in October 30, the Bank announced to lay-off over 500 employees in the next coming years. Budgets on reform projects and future deals are also said to be weak., and instead of waiting for their fate, the staffs seem to be willingly polishing their C Vs.
Today, Mr. Kim is seen as an outsider—a mere onlooker who just watches the train which he is supposed to be running. He selected non staffs to help him clear up the problem and hired outsiders to work on senior and consulting jobs. Even his loyalists are now joining the protesters to outcry their woes.
Meanwhile, the World Bank is not the only thing that is coming towards its collapse; the global economy itself is on its terrifying journey this year. The World Economic Forum (WEF) has listed 10 of the most possible threats that are leading the world economy to its downfall- lack of leadership, global water stress, extreme weather conditions, increasing number of unemployment, persistent pollution, income inequality, aggravating nationalism, the relationship between health and economy, and the crippling of democracy representative.