David Malpass is the president of The World Bank, which announced that as many as 150 million people could face extreme poverty by the end of next year due to the pandemic.In its recent biennial report, World Bank said the pandemic could push nearly 150 million people into extreme poverty by the end of 2021.
The World Bank said substantial policy changes would need to be implemented to dramatically reduce the rate by 2030, including containing the virus and providing support to struggling communities. WASHINGTON — The World Bank said on Wednesday that the coronavirus pandemic could push as many as 150 million people into extreme poverty by the end of 2021, wiping out more than three years of progress in poverty reduction.
The 2019 extreme poverty rate was estimated at about 8.4% and had been expected to drop to 7.5% by 2021 before the coronavirus pandemic. The report said that without swift, substantial policy actions, a longstanding goal of cutting the rate to 3% by 2030 looked out of reach. While extreme poverty has been concentrated in rural areas in the past, the World Bank report found that increasing numbers of urban dwellers have been thrown into extreme poverty as jobs dry up from coronavirus lockdowns and reduced demand.
Reuters No, the pandemic did none of that. Draconian government overreach and media hysteria did that.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »