Decline of Global Extreme Poverty Continues but has slowed: The World Bank Reports

The World bank has reported that fewer people are living in extreme poverty around the world, but the decline in poverty rates has slowed, raising concerns about achieving the goal of ending poverty by 2030 and pointing to the need for increased pro-poor investments.

In their report released in September 2018, the World Bank finds that the percentage of people living in extreme poverty globally fell to a new low of 10 percent in 2015, down from 11 percent in 2013. This is reflecting a steady but slowing progress. The number of people living on less than $1.90 a day fell during this period by 68 million to 736 million.

“Over the last 25 years, more than a billion people have lifted themselves out of extreme poverty, and the global poverty rate is now lower than it has ever been in recorded history. This is one of the greatest human achievements of our time,” World Bank Group President Jim Yong Kim said.

“But if we are going to end poverty by 2030, we need much more investment, particularly in building human capital, to help promote the inclusive growth it will take to reach the remaining poor. For their sake, we cannot fail.”

The World Bank further observes that the deceleration in global numbers stems mainly from an increasing concentration of extreme poverty in regions where poverty reduction has lagged. A case in point is Sub-Saharan Africa, where, under all but the most optimistic scenarios, poverty will remain in double digits by 2030, absent significant shifts in policy. Slowing declines in poverty also reflect falling commodity prices, conflict, and other economic challenges for developing countries.

Find out more details and a press release on the report here.