Extreme poverty will this year fall to less than 10 per
cent of the global population for the first time, although there is
still “great concern” for millions in Africa, a World Bank report says.
“This is the best story in the world today — these projections show
us that we are the first generation in human history that can end
extreme poverty,” said Jim Yong Kim, president of the World Bank.A Pakistani homeless man rests on a median on a road in Karachi – About 9.6 per cent of the world’s population is projected to live below the poverty line this year. AFP: Asif Hassan
According to World Bank projections, about 702 million people, or 9.6 per cent of the world population, will live below the poverty line this year, mostly in Sub-Saharan Africa and Asia.
In 2012, that number stood at 902 million, or about 13 per cent of the world population.
It stood at 29 per cent in 1999.
””” Key points:
- 9.6 per cent of world to live below the poverty line this year (down from 13 per cent in 2012)
- Those most affected live in Sub-Saharan Africa and Asia
- Extreme poverty line set at $1.90 per day (up from $1.25 in 2011) ”””
“This new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the most effective strategies to end extreme poverty,” he said.
Previously, people living on $1.25 or less a day were defined as living in extreme poverty. That figure is now $1.90, to reflect inflation.
The report comes after world leaders last month pledged to end extreme poverty within 15 years, adopting an ambitious set of United Nations goals to be backed up by trillions of dollars in development spending.
Releasing the figures, the World Bank nevertheless urged caution, saying “major hurdles remain” in the goal to end poverty by 2030.
“The growing concentration of global poverty in Sub-Saharan Africa is of great concern,” it said in a statement.
“While some African countries have seen significant successes in reducing poverty, the region as a whole lags the rest of the world in the pace of lessening poverty.”
The report singled out Madagascar and the Democratic Republic of Congo as particularly worrisome examples of deprivation in Africa.
It also cautioned that reliable current data was not available in part of the Middle East and North Africa because of conflict.
‘More needs to be done to reduce poverty’
In contrast, the report noted a marked decline in extreme poverty in Asia — particularly India — and in South America.
However, Kaushik Basu, chief economist at the World Bank, sounded an alarm over a slowdown in emerging markets worldwide – with Latin America an emblem of the sputter.
“There is some turbulence ahead,” Mr Basu said.
””” A lot of new resources and fundamental political change are needed.
Nicolas Mombrial, Oxfam International ”””
Oxfam welcomed the landmark figures below 10 per cent, but warned that hard work remains to drag the remaining 702 million people out of extreme poverty.
“That figure remains unacceptably high and much remains to be done,” said Nicolas Mombrial, head of Oxfam International’s Washington office.
“A lot of new resources and fundamental political change are needed.”
The World Bank is holding its annual meetings from October 9 to 11 in Lima, along with the International Monetary Fund.
AFP - ABC
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