Due to the consequences of the corona pandemic and the Russian war against Ukraine, the goal of ending extreme poverty by 2030 is unlikely to be achieved. That writes the World Bank in a report that was released on Wednesday . In the global struggle to end poverty and raise living standards, 2022 is likely to be one of the worst years in decades, the report said. Median incomes in many countries have continued to fall and economic development in many areas has deteriorated during the pandemic. In 2020, some 719 million people, about 9.3 percent of the world’s population, lived in extreme poverty. That means they had to live on just $2.15 or less a day. The ongoing war, lower economic growth in China and higher food and energy prices threaten to delay efforts to reduce poverty. It is estimated that by 2030 574 million people, about 7 percent of the world’s population, will still live in extreme poverty, mainly in Africa. According to World Bank President David Malpass, the report shows the grim prospects of tens of millions of people. He calls for sweeping policy changes to eradicate poverty. “Progress in reducing extreme poverty has essentially stopped.” He further concluded that poverty reduction had already slowed in the five years prior to the pandemic and that the poorest people bore the highest costs. For example, the poorest 40 percent of the population saw an average loss of income of 4 percent during the pandemic, twice as much as the richest 20 percent.
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