World Bank Group Report Reveals Stagnation in Global Extreme Poverty Reduction
A new report from the World Bank Group, titled 'Poverty, Prosperity, and the Planet 2026,' indicates that global progress in reducing extreme poverty has halted. The report highlights that 811 million people worldwide currently live on less than $3 per person per day. This figure has remained largely unchanged since the onset of the pandemic. Without a significant increase in per capita income growth, the number of individuals living in extreme poverty is projected to be higher by 2030 than it is today. The report also notes that nearly half of the global population, approximately 3.7 billion people, subsists on less than $8.30 per person per day, a statistic that has shown little change since 1990. The World Bank emphasizes that creating more and better-quality jobs is crucial for poverty reduction. Pablo Saavedra, World Bank Group Vice President for Prosperity, stated that slowing growth in highly impoverished countries has limited job creation and opportunities for millions, underscoring the need to acc...
