According to a recent article published by Philanthropy News Digest, “A report from the World Bank estimates that the percentage of people living in extreme poverty around the globe will fall below 10 percent by the end of the year,” (World Bank Sees ‘Extreme’ Poverty Falling Below 10 Percent).
The report, entitled Ending Extreme Poverty and Sharing Prosperity: Progress and Policies, consisted of 83 pages and projected that the number of people living below an updated international poverty line would fall 9.6 percent this year. With an international poverty line standing at $1.90 a day, the number of people living in these circumstances will drop from 902 million in 2012, to 702 million this year.
This decrease in “extreme” poverty, according to the report, is mainly due to strong economic growth and a multitude of investments in education, health, and social safety nets, which have collaboratively assisted around a billion people out of poverty starting early in the 21st century. However, it’s important to note that:
“At the same time, extreme poverty has become more concentrated in sub-Saharan Africa, where nearly half the global poor live, even as the extreme poverty rate in the region fell from an estimated 56 percent in 1990 to a projected 35 percent in 2015. Another third of the globe’s extremely poor are concentrated in South Asia, where the extreme poverty rate is projected at 13.5 percent, down from 50.6 percent in 1990,” (World Bank Sees ‘Extreme’ Poverty Falling Below 10 Percent).
It is vital in determining whether or not poverty levels have dropped significantly or barely at all through the use of statistical data processed over the years.
Further improvements to aid in the decline of extreme poverty will be catered towards sustainability and the development of how and when to reach specific goals. Also, more statistical analysis will be used to see unevenness in shared prosperity, disparities in dimensions of development, and access to health services and quality education. Though we have seen a somewhat significant decrease in extreme poverty globally, certain target areas will need further improvements.
In conclusion, we, as a global nation, are making significant strides to eliminate the amount of poverty in the world today. This is a big deal. As World Bank president Jim Kong Kim said, “This is the best story in the world today – these projections show us that we are the first generation in human history that can end extreme poverty,” (World Bank Sees ‘Extreme’ Poverty Falling Below 10 Percent).