Decline of Global Extreme Poverty Continues but Has Slowed: World Bank

Development – Poverty Reduction

Decline of Global Extreme Poverty Continues but Has Slowed: World Bank
WASHINGTON, Sept. 19, 2018 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, the World Bank finds.

The percentage of people living in extreme poverty globally fell to a new low of 10 percent in 2015 — the latest number available — down from 11 percent in 2013, reflecting steady but slowing progress, World Bank data show. 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.”

Despite the tremendous progress in reducing extreme poverty, rates remain stubbornly high in low-income countries and those affected by conflict and political upheaval.

The estimates will be published in “Poverty and Shared Prosperity 2018: Piecing Together the Poverty Puzzle,” a report to be released on Oct. 17, End Poverty Day.