One of the twin goals of the World Bank Group is to promote shared prosperity, which reflects the extent to which economic growth is inclusive. 2020 marked a historic turning point—an era of global income convergence gave way to global divergence. The world’s poorest people bore the steepest costs of the pandemic. Incomes in the poorest countries fell much more than incomes in rich countries. As a result, the income losses of the world’s poorest were twice as high as the world’s richest, and global inequality rose for the first time in decades.