June 17, 2015 – Together with the remarkable progress and increasing global engagement, emerging economies also face a number of new development challenges; rising inequality, navigating the middle-income trap, balancing economic growth with environmental sustainability, ensuring good governance, and addressing the poverty paradox – whereby most of the global poor now live in middle-income countries. These challenges constitute a transformative shift of the current development paradigm based on addressing poverty in low-income countries, forcing traditional donor countries, CSOs and NGOs to re-think their development strategies.