Shocks related to the global coronavirus pandemic and the war in Ukraine mean meeting a long-held goal of ending extreme poverty worldwide by 2030 is a challenge, the World Bank said in a new report released Wednesday. Not likely. The report says the coronavirus pandemic has taken a historic turn after decades of poverty reduction. The report states that 71 million more people will be living in extreme poverty by 2020.
This means that 719 million people, or about 9.3 percent of the world’s population, are living on just $2.15 a day. Ukraine. The war in Russia, slowing growth in China, and high food and energy prices threaten to further hamper efforts to reduce poverty.
Several reasons for failure to reduce the bond:
World Bank Chief Economist Andremit Gill said there are many reasons for the failure of developing countries to reduce poverty. In addition, efforts to combat climate change will also have profound effects. It will also limit growth in advanced economies, as extreme poverty rates will prevent these densely populated developing countries from becoming major consumers of goods on the world market.
“If you care about prosperity in advanced economies, sooner or later you want those countries to have big markets,” he said. You also want these countries to develop so that they actually become sources of demand and not just limited to supply.