Although the world has made strides in reducing extreme poverty, it still has a long way to go. Almost half of the world’s population lives on less than $5.50 (Rs 730) a day, says the World Bank in its latest report.
Not only that, but the share of the people who live under extreme poverty is also rising in wealthier countries.
While the World Bank is striving to end extreme poverty by 2030, 736 million people are still grappling with it. As per the World Bank, extreme poverty equals to anyone who lives on less than $1.90 a day. A moment of relief came in 2015 when the world population living in extreme poverty had fallen to 10 percent in 2015. However, there has been a slowdown in this regard as well.
Expanded Criteria for Poverty
The bank has revealed these statistics in its twice-yearly report where it took a broader perspective on poverty and tried to locate where the world lagged regarding poverty despite the reduced share of its population living in extreme poverty.
Under this broad criteria, the bank finds that the share of the poor population across the word is still ‘unacceptably high’. The report also points out the rise in global inequality, saying that the results of economic growth are “shared unevenly across regions and countries.”
It further states that despite the falling share of the poor population, by over 68 million people in 2013-2015, the bank’s goal of diminishing extreme poverty to less than three percent by 2030 still remains unattainable.
“Particularly distressing findings are that extreme poverty is becoming entrenched in a handful of countries and that the pace of poverty reduction will soon decelerate significantly,” says the report.
Moreover, it expressed concern that while the number of poor living in low-income countries has decreased from 60 percent in 1990 to nine percent in 2015, the number of poor people living in wealthier economies is on the rise.
Via: France 24