The world has made a remarkable progress in poverty alleviation lately and brought it down to 10% by 2015. But the concern now is that the rate of poverty elimination has slowed down.
The world has made a remarkable progress in poverty alleviation lately and brought it down to 10% by 2015. But the concern now is that the rate of poverty elimination has slowed down. Fewer people are living in extreme poverty around the world, but the decline in poverty rates has slowed, raising concerns about achieving the goal of ending poverty by 2030 and pointing to the need for increased pro-poor investments, the World Bank said in a report.
The number of people living in extreme poverty (less than $1.90 a day) fell by 68 million to 736 million between 2013 and 2015. As the percentage of people living in extreme poverty globally fell to 10% in 2015 to 11% in 2013, it reflects a steady but slowing progress, the World Bank said.
“…if we are going to end poverty by 2030, we need much more investment, particularly in building human capital, to help promote the inclusive growth it will take to reach the remaining poor. For their sake, we cannot fail,” Jim Yong Kim, World Bank Group President, said.
The other concerning thing about poverty is that even as the world has taken a giant stride towards eliminating poverty, it continues to remain “stubbornly high” in low-income countries and those affected by conflict and political upheaval.
The data shows that the rate of poverty is extremely high in Sub-Saharan Africa as compared to other continents. Notably, in the Middle East and North Africa, the poverty rate increased from 2.6% to 5% between 2013 and 2015. “The deceleration in global numbers stems mainly from an increasing concentration of extreme poverty in regions where poverty reduction has lagged,” the report added. In 2018, World Bank forecasts extreme poverty to decline to 8.6% in 2018.