Global Prosperity

Theme Leaders:   Fariborz Moshirian and Elise Payzan

Among several definitions of what is "global prosperity", one could observe one of such definitions as follows: "True prosperity occurs when all people have the opportunity to thrive by fulfilling their unique potential and playing their part in strengthening their communities and nations” (Merriam-Webster.com).

The three other overarching objectives of the Institute of Global Finance (i.e. Global Financial Stability and Resilience, the Interconnectedness of various elements of life and financial systems, and global governance) are among the contributors to global prosperity. At the same time, certain core forces also play a vital role in fostering this prosperity. One such core element is the role of Science and Technology, which has shown its ability to transform the lives of billions, improving living standards, economic growth, and employment opportunities. Another crucial aspect is the contribution of entrepreneurs, investment, and the leadership of the global business community in leveraging the advantages of technological advancements, creative destruction, and ensuring greater levels of employment, productivity, access to consumer products, and an organic growth of the economy that benefits individuals and communities. An additional core element of global prosperity involves establishing an effective local-to-global mechanism that empowers individuals, ensure universal quality education across all nations, ensures fair distribution of wealth and resources, facilitates effective contractual agreements between employees and employers, provides equal opportunities for development for all individuals worldwide over time, upholds the principles of human rights and dignity, ensures sufficient employment opportunities, and creates a system for fair profit distribution to those who generate revenues and wealth. The importance of local-to-global governance cannot be underestimated, as historical evidence demonstrates that some nations have thrived significantly more due to strong national governments, robust business-government partnerships, and the empowerment of individuals as active citizens and foundational members of their communities and nations.  

The IGF has been at the forefront of promoting core elements, as well as local to global structures and mechanisms that could initiate policies and measures to tackle the underlying causes of the lack of inclusive global prosperity, the absence of interconnectivity among various core forces, and the policies and measures necessary for addressing the underlying causes of current absence of an emerging global inclusive prosperity for all people and nations over time. 

As part of the globalisation process, the availability of financing, or the lack thereof, for initiatives related to environmental concerns—such as climate finance and the challenges of implementing ESG principles—and achieving the UN’s 17 SDG objectives by 2030, will directly and indirectly impact national, regional, and global financial stability, as well as individual and global financial security and dignity. This will further contribute to the advancement of global inclusive prosperity over time. The IGF has been collaborating with the Asian Development Bank on these issues.  

At the same time, the IGF has published several high-impact research works and organised a number of international policy forums in collaboration with the Asian Development Bank that address the aforementioned issues, including climate change and climate finance. The IGF, alongside the Asian Development Bank, has promoted policies aimed at developing a more effective financial architecture for developing countries, as well as financial policies designed to accelerate the achievement of the UN SDGs by 2030. In September 2023, prior to COP28, the IGF jointly published a book with the Asian Development Bank titled "Climate Change and Climate Finance: Current Experience and Future Directions."

The IGF’s engagement and policy research with eminent researchers, as well as its joint work with the World Bank and the Asian Development Bank, are part of its overall objective of providing global leadership in factors that contribute to the process of global inclusive prosperity.