Eradicating extreme poverty for all people everywhere by 2030 is a pivotal goal of the 2030 Agenda for Sustainable Development. Between 2015 and 2018, global poverty continued its historical decline, with the poverty rate falling from 10.1 per cent in 2015 to 8.6 per cent in 2018. Nowcasts suggest that owing to the COVID-19 pandemic, the global poverty rate increased sharply from 8.3 per cent in 2019 to 9.2 per cent in 2020, representing the first increase in extreme poverty since 1998 and the largest increase since 1990 and setting back poverty reduction by about three years.
The impact of the COVID-19 pandemic reversed the steady progress of poverty reduction over the past 25 years. This sudden reversal is being further exacerbated by rising inflation and the impacts of the crisis in Ukraine. It is estimated that these combined crises will lead to an additional 75 million–95 million people living in extreme poverty in 2022, compared with pre-pandemic projections. What a colossal mishap!
Thought Provoking Proofs
The above losses have been much higher for low-income countries, where poverty reduction has been set back by between eight and nine years. Although the poverty rate is projected to decrease to 8.7 per cent in 2021, it was still higher than the pre-pandemic level.
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For the first time in two decades, the world’s share of workers living with their families below the international poverty line increased from 6.7 per cent in 2019 to 7.2 per cent in 2020, which entails that an additional 8 million workers were pushed into poverty.
(C)GYAC2023
Eradicate poverty!
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