In a stark revelation, the World Bank has cautioned that the goal of eliminating extreme poverty by 2030 is no longer attainable, with an estimated 622 million people expected to survive on less than $2.15 a day by the decade’s conclusion.
The recent report titled “Poverty, Prosperity, and Planet,” published on Tuesday, highlights how slow economic growth, the lasting impacts of COVID-19, and increasing instability have undone years of advancements in the fight against poverty.
The World Bank indicated that, at the current rate, it may take over three decades to completely eliminate extreme poverty, especially in low-income nations. While approximately 69 million people are projected to rise out of extreme poverty from 2024 to 2030, this figure represents a significant drop from the 150 million who escaped poverty between 2013 and 2019.
The overall situation regarding poverty is still worrisome. The report highlighted that by 2030, 3.4 billion people, which is 40% of the world’s population, will still survive on less than $6.85 daily. This stagnation shows minimal advancement since the 1990s, as population growth counteracts efforts to reduce poverty.
“The global goal of ending extreme poverty within this decade is no longer attainable,” the Bank concluded, raising alarms over the world’s sluggish recovery from the pandemic and economic challenges that disproportionately affect the poorest populations.
