Context : The World Bank has released its biennial Poverty and Shared Prosperity Report recently.

Major Highlights:

  • The coronavirus pandemic could push as many as 150 million people into extreme poverty by the end of 2021 wiping out more than three years of progress in poverty reduction.
  • An additional 88 million to 115 million people will fall into extreme poverty (defined as living on less than $1.90 a day) in 2020.
  • The report said this could grow to 111 million to 150 million by the end of 2021.
  • That would mean that 9.1-9.4% of the world’s population would be living under extreme poverty this year, about the same as 2017’s 9.2% and representing the first rise in the extreme poverty percentage in about 20 years.
  • Without swift, substantial policy actions, a longstanding goal of cutting the poverty rate to 3% by 2030 looked out of reach.
  • Sub Saharan Africa has the highest concentration of those living on less than $1.90 a day, and could see an increase of over 50 million people by 2021 compared to pre-coronavirus estimates.

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