WhatsApp Logo Subscribe
For News Alert

News

Elevated extreme poverty to persist through 2021: World Bank

June 10, 2020 03:18 PM


Twitter Share Facebook Share WhatsApp Share

Global economic growth could rebound next year -- but the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic, the World Bank warned Tuesday.

The projection came after the Washington-based development lender said Monday the pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.

Before the pandemic, extreme poverty -- defined as living on $1.90 per day -- had been decreasing. 

The bank expects growth to rebound by four percent in 2021.

But the countries with the highest shares of the world's extremely poor are not projected to grow faster than their population, meaning that extreme poverty will remain at the elevated 2020 levels through 2021.

"Nigeria, India and the Democratic Republic of Congo -- three countries which we project are home to more than a third of the world's poor -- are predicted to have per-capita growth rates in real GDP of –0.8 percent, 2.1 percent and 0.3 percent, respectively," the World Bank said in a blog.

"With population growth rates of 2.6 percent, 1.0 percent and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount."

The bank warned "South Asia may see a larger increase in the number of poor as a result of COVID-19," particularly in India.

Of the 176 million people expected to be pushed below the $3.20 per-day poverty line, two-thirds are in South Asia.

https://www.youtube.com/watch?v=3XpMCGt6uvA


Most Read

  1. 'Kabhi Main Kabhi Tum' uses stolen paintings of artist Seffy Soomro 'Kabhi Main Kabhi Tum' uses stolen paintings of artist Seffy Soomro
  2. Number of flights cancelled at Karachi Airport Number of flights cancelled at Karachi Airport
  3. Another day another doppelganger! Ayesha Omar finds her lookalike from India Another day another doppelganger! Ayesha Omar finds her lookalike from India
  4. Pakistani film director Altaf Hussain passes away Pakistani film director Altaf Hussain passes away
  5. NA, Senate sessions on constitutional amendments rescheduled for Monday NA, Senate sessions on constitutional amendments rescheduled for Monday
  6. Shagufta Ejaz husband’s children shares memorable pictures with father leaving fans emotional Shagufta Ejaz husband’s children shares memorable pictures with father leaving fans emotional