The World Bank recently hosted events focusing on its "Poverty, Prosperity, and Planet: Pathways Out of the Polycrisis" report. These discussions underscored the significant challenges in eradicating poverty and achieving shared prosperity in the post-pandemic era, emphasizing the complex interplay of global crises.
Key Takeaways
- Global efforts to end extreme poverty by 2030 are significantly off track, with projections indicating it could take decades more to reach this goal.
The State of Global Poverty
The report reveals a stark reality: at the current pace, it could take over a century to eliminate poverty as defined by living on less than $6.85 per day. The ambitious goal of ending extreme poverty, defined as living on less than $2.15 per day, by 2030 is also out of reach. Projections suggest it may take an additional three decades or more to achieve this threshold, which primarily affects low-income countries.
Currently, approximately 700 million people, or 8.5 percent of the global population, live on less than $2.15 per day. The report anticipates that 7.3 percent of the global population will still be living in extreme poverty in 2030. Extreme poverty remains heavily concentrated in countries with historically low economic growth and high levels of fragility, particularly in Sub-Saharan Africa.
Furthermore, a significant portion of the world’s population, 44 percent, lives on less than $6.85 per day. The number of people subsisting on this amount has seen minimal change since 1990, largely due to population growth.
Pathways Out of the Polycrisis
The "Poverty, Prosperity, and Planet" report offers the first post-pandemic assessment of global progress. It delves into the critical pathways needed to navigate out of the current polycrisis, which encompasses multiple interconnected global challenges. The discussions highlighted the need for renewed strategies and concerted global action to address these complex issues and foster sustainable development.
Experts and economists presented the report’s main findings, engaging in discussions with academics and researchers. These sessions provided a platform for in-depth analysis and dialogue on the report’s implications for policy and future development initiatives.
Sources
- Poverty, Prosperity, and Planet: Pathways Out of the Polycrisis, World Bank.
- World Bank Tokyo Online Morning Seminar #205 “Poverty, Prosperity, and Planet 2024: Pathways Out of
the Polycrisis”, World Bank.
