Global extreme poverty is expected to rise in 2020 for the first time in more than 20 years, as the disruption of the coronavirus pandemic compounds the forces of conflict and climate change that have already slowed poverty reduction progress, according to the World Bank.
Thus, according to the forecast of the World Bank, the number of people who are in extreme poverty will increase by 88-115 million in 2020 due to the coronavirus pandemic, and by 150 million in 2020-2021.
“To the World Bank, people living on less than USD 1.9 a day defined as ‘extreme poverty’. It is likely to affect expected between 9.1-9.4% of the world’s population in 2020, which represent a regression to the rate of 9.2% in 2017. In the absence of the coronavirus pandemic, the poverty rate in the world expected to drop to 7.9% this year,” the report notes.
According to World Bank Group President David Malpass, due to the pandemic and global recession, more than 1.4% of the world’s population will fall into extreme poverty.
“In order to reverse the situation towards poverty reduction, states will need to prepare for economic changes after the coronavirus pandemic by ensuring the movement of capital, labor and innovation into new areas of business,” the president emphasized, adding that about 82% of people, those who end up in extreme poverty will be from middle-income countries.
The coronavirus pandemic, which has exacerbated the impact of military conflicts and climate change, will make the goal of eliminating global poverty by 2030 unattainable without rapid and massive action, the report says. The World Bank estimates that in 2030 the global poverty rate will be around 7%.
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