(World Bank) Global poverty reduction has slowed to a near standstill

Today, almost 700 million people (8.5 percent of the global population) live in extreme poverty – on less than $2.15 per day. Progress has stalled amid low growth, setbacks due to COVID-19, and increased fragility. Poverty rates in low-income countries are higher than before the pandemic.

Around 3.5 billion people (44 percent of the global population) remain poor by a standard that is more relevant for upper middle-income countries ($6.85 per day), and the number or people living on less than this standard has barely changed since the 1990s due to population growth.

In 2024, Sub-Saharan Africa accounted for 16 percent of the world’s population, but 67 percent of the people living in extreme poverty. Two thirds of the world’s population in extreme poverty live in Sub-Saharan Africa, rising to three quarters when including all fragile and conflict-affected countries. About 72 percent of the world’s population in extreme poverty live in countries that are eligible to receive assistance from the International Development Association (IDA).

Based on the current trajectory, 622 million people (7.3 percent of the global population) are projected to live in extreme poverty in 2030. This means, about 69 million people are projected escape extreme poverty between 2024 and 2030 compared to about 150 million who did so between 2013 and 2019. In addition, 3.4 billion people (nearly 40 percent of the world’s population) will likely live on less than $6.85 per day.

If growth does not accelerate and become more inclusive, it will take decades to eradicate extreme poverty and more than a century to lift people above the $6.85 per day poverty line

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Global #poverty reduction has slowed to a near standstill. At the current pace of progress, it could take more than a century to eradicate poverty at the $6.85 per day poverty line used for upper-middle-income countries.

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— World Bank Data (@worldbankdata) October 15, 2024