Although many people have experienced considerable improvement in their living conditions in recent decades, there are still far too many who have not yet been given the opportunity to benefit from the increase in wealth. In addition, there are still substantial environmental problems in many areas. However, the good results we have achieved since the Second World War show that we are on the right track - we need more and better globalisation, not less! I therefore consider that there is good reason for confidence in our economic future, but also that it is important for us to safeguard what we have already achieved, to make use of future opportunities that arise and to tackle the challenges that come in the wake of globalisation. As I see it, a strong multilateral framework is necessary to enable us to manage these challenges effectively. The driving forces behind the increased wealth in the world After the end of the Second World War, the architects behind the new multilateral economic system were determined to avoid a repeat of the fiascos during the 1930s, when countries introduced tariff barriers, made competitive devaluations and set up obstacles for payments. These measures halved world trade and led to falling GDP figures and declining real wages, mass unemployment and political chaos in large parts of Europe.
Despite these successes, there remains a lot to be done before everyone benefits from increased wealth. Although developments are moving in the right direction, the total number of poor people is still a problem. If the fruits of globalisation do not continue to spread to more countries with a poor population and within countries, there is also a risk of more states collapsing or other political problems that could slow down growth in the poor countries, and also have negative consequences for the rest of the world. The growing discrepancy between different regions is therefore worrying. This was clearly illustrated during the 1990s, when growth in Asia averaged 7 per cent, while the figures for Latin America and Africa south of the Sahara were 3.4 per cent and 2.3 per cent respectively. There is a huge contrast between, for instance, China, which has succeeded in lifting around 400 million people out of extreme poverty over the past twenty years, and Africa south of the Sahara, where the number of poor people increased by 150 million during the same period. In addition to weak states and internal conflicts, the African continent is hard hit by HIV/AIDS, which in some countries has reduced the average length of life from 55 years in 1990 to below 40 years in 2002, and left many children and young people to their own devices, without any adult authority. One of the most important challenges in future is thus to try to integrate Africa into the global economy to a greater extent.