Decline of Poverty Has Slowed

By Anna Fleck – Statista

Around 8.5 percent of the world’s population currently live in extreme poverty, according to a new report by the World Bank titled Poverty, Prosperity and Planet 2024: Pathways Out of the Polycrisis. This equates to roughly 692 million people living on less than $2.15 per person per day. While this is considerable progress from the 37.9 percent that lived in extreme poverty in 1990, the pace of progress is slowing, with 2020-2030 feared to be a “lost decade”. This stagnation is the result of multiple overlapping issues currently taking place, including slow economic growth, increased fragility, climate risks and heightened uncertainty.