1 in 10 people live below the poverty line- World Bank

1 in 10 people live below the poverty line- World Bank

To End Extreme Poverty by 2030, We Need to Tackle Inequality, says World Bank

One in ten people on earth are  living on less than $1.90 (less tha ksh190) a day today and half of the extreme poor live in Sub-Saharan Africa,  a new World Bank report shows. This number is still unacceptably high, especially given the low standards of living implied by the international poverty line.

Also read: Sub-Saharan Africa is home of more than half of world’s extreme poor- World bank

Sub-Saharan Africa now has the largest number of extreme poor in the world, 389 million, which accounts for half of the total number of extreme poor in the world, and more than all the other regions combined. The decline in extreme poverty was largely fueled by the rapid advances in two regions – East Asia and the Pacific and South Asia –specifically in China, Indonesia, and India.

However, the new report Poverty and Shared Prosperity 2016: Taking on Inequality, shows  the world has made great progress in reducing extreme poverty – nearly 1.1 billion people have escaped extreme poverty since 1990.

Still, nearly 800 million people live on less than $1.90 per day, and reaching them will become harder and harder as we get closer to 2030. Reducing inequality is a key component to making growth work better for the poorest, and helping millions across the globe improve their lives.

In 2013, an estimated 767 million people were living under the international poverty line of US$1.90 a day. Even as the world’s population has grown, the number of poor has gradually fallen. But in spite of this progress, with over 1 in 10 people considered poor, poverty remains unacceptably high. Read more in the new report on Poverty and Shared Prosperity

On April 20, 2013, the Board of Executive Directors of the World Bank adopted two ambitious goals: end global extreme poverty and promote shared prosperity in every country in a sustainable way. This implies reducing the poverty headcount ratio from 10.7 percent globally in 2013 to 3.0 percent by 2030 and fostering the growth in the income or the consumption expenditure of the poorest 40 percent of the population (the bottom 40) in each country.

These two goals are part of a wider international development agenda and are intimately related to United Nation’s Sustainable Development Goals 1 and 10, respectively, which have been adopted by the global community.

The world had almost 1.1 billion fewer poor in 2013 than in 1990, a period in which the world population grew by almost 1.9 billion people.

Overall, the global extreme poverty headcount ratio
dropped steadily over this period. Despite more rapid demographic growth in poorer areas, the forceful trend in poverty reduction culminated with 114 million people lifting themselves out of extreme poverty in 2013 alone (in net terms).

Hits: 1356