World Bank sets a date for the end of poverty: More than a century

The Bank published its Poverty, Prosperity, and Planet Report under the title "Charting the Course Out of the Polycrisis."

The report stated that progress in reducing global poverty has nearly stalled, and that the years 2020-2030 will be a lost decade.

The report notes that 8.5 percent of the world (692 million people) currently lives in extreme poverty, with a daily income per capita of less than 2.15 dollars, while 44 percent of the global population lives on less than 6.85 dollars a day, which is the poverty line for upper-middle-income countries. The report states that the number of people living with an income below this standard has barely changed since the 1990s due to population growth.

The report indicates that at the current rate of progress, it will take decades to eradicate extreme poverty, and more than a century to raise people's incomes above 6.85 dollars a day.

Pointing out that progress in poverty reduction has halted due to multiple shocks, the report states that the COVID-19 pandemic has left lasting effects, and that extreme poverty in the poorest countries remains above pre-pandemic levels today.

The report notes that poverty continues to be concentrated in countries with historically low economic growth and fragility, most of which are located in Sub-Saharan Africa.

The report, which projects that 7.3 percent of the global population will live in extreme poverty by 2030 based on current trends, emphasizes the importance of improving labor income by creating more and better jobs, and investing in the productive capacity of the poor through investments in key areas such as education, infrastructure, and basic services.

News Source: AA