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June 24, 2021
Business International News

World Bank Projects Extreme Poverty To Fall Below 10 Per cent

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Poverty is a major problem faced by many, and the battle to reducing the ever-increasing problem continues to be a challenge.

In the fight to reduce this global problem, the UN General Assembly has adopted the 2030 Agenda for Sustainable Development with ending poverty as its top goal for sustainable development.

According to World Bank forecasts, poverty remains intense in Sub-Saharan Africa and parts of South Asia.

While the battle for reducing the problem continues, the World Bank has announced today that extreme poverty is likely to fall to below 10 per cent this year.

Fresh evidence was provided to show that a quarter-century-long sustained poverty reduction plan was moving the world closer to the goal of ending poverty by 2030.

Based on this evidence, the World Bank has projected that global poverty will have fallen from 12.8 per cent of the global population in 2012, to a 9.6 per cent for this year.

Kaushik Basu, World Bank Chief Economist, said “the new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the effective strategies to end extreme poverty”.

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