From the Guardian (UK). Hard to believe that there 700 million people living at the level shown in a couple of the pictures. But it's true. ...
“This is the best story in the world today,” said World Bank president Jim Yong Kim. “These projections show us that we are the first generation in human history that can end extreme poverty.”
Extreme poverty has long been defined as living on or below $1.25 a day, but the World Bank’s adjustment now sets the poverty line at $1.90 a day.
The Bank said the change reflects new data on differences in the cost of living across countries, while preserving the real purchasing power of the previous yardstick.
Using the new benchmark, the World Bank projects 702 million people or 9.6% of the world’s population will be living in extreme poverty in 2015, down from 902 million people or 12.8% of the global population in 2012.
The global development lender attributed the continued fall in poverty to strong economic growth rates in emerging markets, particularly India, and investments in education, health, and social safety nets.
Economic growth and not income redistribution (Think there's more or less income inequality in the developing world? Try living there and ypu'll find out). Call Bernie Sanders.
According to the bank, around half of those living in extreme poverty by 2020 will hail from hard-to-reach fragile and conflict-affected states. Sub-Saharan Africa accounts for half of the global poor.
He said the prospect of emerging economies losing steam could challenge promises to eradicate extreme poverty.
“If economic growth of the developing world over the last 15 years was an anomaly, was a blip, then we’re in trouble,” said Laurence Chandy, a fellow at the Brookings Institution whose research focuses on global poverty.
“If instead it’s a kind new normal then we’ve got a good chance of getting close to this goal,” he said.
The World Bank first introduced a global poverty line in 1990, setting it at $1 a day. It was adjusted last in 2008, when the group raised it to $1.25 a day.
Across the planet, the number of people living in extreme poverty has dropped by more than half since 1990, when 1.9 billion people lived on under $1.25 a day, compared to 836 million in 2015, according to the UN.