World Bank doubts goal of ending extreme poverty by 2030

The World Bank (WB) said the world is unlikely to meet a longstanding goal of ending extreme poverty by 2030. In its new Poverty and Shared Prosperity report, the WB said the Covid-19 pandemic marked a historic turning point after decades of poverty reduction with 71 million more people living in extreme poverty in 2020. It said that about 9.3% of the world’s population were living on just USD2.15 a day, and the ongoing war in Ukraine, reduced growth in China, and higher food and energy prices threatened to further stall efforts to reduce poverty. About 7% of the world’s population would still be subsisting at that same income level by 2030, mostly in Africa. WB president David Malpass called for major policy changes to boost growth and help jumpstart efforts to eradicate poverty.