The World Bank warns that 150 million people could fall into “extreme poverty” by the end of 2021 due to the coronavirus pandemic and accompanying global recession with the levels of global poverty set to rise for the first time in 20 years.
pandemic and accompanying global recession with the levels of global poverty set to rise for the first time in 20 years.
“The pandemic and global recession may cause over 1.4% of the world’s population to fall into extreme poverty,” David Malpass, the World Bank Group President, said. “In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labor, skills, and innovation to move into new businesses and sectors.
While extreme poverty rates are rising, around a quarter of the global population live on less than $3.20 a day, and over 40% live on a daily rate of $5.50.
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