Goal of ending extreme poverty by 2030 out of reach: World Bank

The world is unlikely to meet a longstanding goal of ending extreme poverty by 2030, the World Bank has said, citing the effects of “extraordinary” shocks to the global economy, including the coronavirus pandemic and the war in Ukraine.

In a new report released on Wednesday, the World Bank said higher food and energy prices had hindered a quick recovery after COVID-19 dealt the “biggest setback” to global poverty in decades.

It added it expected the pace of poverty reduction to further stall this year as global growth prospects fade following Russia’s invasion of Ukraine, an economic slowdown in China and rising inflation.

“Given current trends, 574 million people – nearly 7 percent of the world’s population – will still be living on less than $2.15 a day in 2030, with most in Africa,” the Poverty and Shared Prosperity report said.

In a statement, World Bank President David Malpass called for major policy changes to boost growth and help jumpstart efforts to eradicate poverty.

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