World News

Elevated extreme poverty to persist through 2021: World Bank

Economic growth rates will be eclipsed by population growth in countries with the biggest shares of the world's poor, the World Bank said, meaning extreme poverty won't decrease in 2021 SAUL LOEB AFP/File
Economic growth rates will be eclipsed by population growth in countries with the biggest shares of the world's poor, the World Bank said, meaning extreme poverty won't decrease in 2021 SAUL LOEB AFP/File

(AFP)

Global economic growth could rebound next year but the number of people living in extreme poverty is expected to remain unchanged, the World Bank warned Tuesday.

The projection came after the Washington-based development lender said Monday the coronavirus pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.

Advertisements - Click the Speaker Icon for Audio

The bank expects growth to rebound by four percent in 2021 but the countries with the highest shares of the world’s extremely poor are not projected to grow faster than their population — meaning extreme poverty will remain unchanged.

“Nigeria, India and the Democratic Republic of Congo — three countries which we project are home to more than a third of the world’s poor — are predicted to have per-capita growth rates in real GDP of –0.8 percent, 2.1 percent and 0.3 percent, respectively,” the World Bank said in a blog.

“With population growth rates of 2.6 percent, 1.0 percent and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount.”

The bank warned “South Asia may see a larger increase in the number of poor as a result of COVID-19,” particularly in India.

Of the 176 million people expected to be pushed below the $3.20 per-day poverty line, two-thirds are in South Asia. 

Related posts

Treaty banning nuclear weapons to enter into force

Agence France-Presse

Thousands mourn south Indian film star Puneeth Rajkumar

Agence France-Presse

Arrests follow protests that killed at least 166 in Ethiopia

Agence France-Presse