The World Bank’s State of Economic Inclusion 2021 Report has revealed that economic inclusion programs are on the rise in 75 countries around the world, reaching approximately 20 million poor and vulnerable households, and benefiting nearly 92 million individuals.
This surge according to the report comes at a crucial time as more than 700 million people around the world face extreme poverty, a number on the rise for the first time in two decades.
According to the World Bank’s newly published State of Economic Inclusion (SEI) Report 2020: The Potential to Scale, economic inclusion programs —usually a combination of cash or in-kind transfers, skills training or coaching, access to finance, and links to market support— are fast becoming a critical instrument in many governments’ large-scale anti-poverty strategies.
And they are likely to continue, especially in areas affected by conflict, climate change, and shocks, due to the COVID-19 pandemic.
“One of the most stubborn challenges we face in development is positively transforming the lives of the extreme poor and vulnerable— a problem exacerbated by the COVID-19 pandemic,” said Mari Pangestu, World Bank Group Managing Director.
“This report presents—for the first time—a systematic review of economic inclusion programs around the world, and sheds light on how governments can best invest in social protection, jobs, and financial inclusion, to help the poor build a better future for themselves,” she added.
Marcia Wright, Readers Bureau, Contributor
Edited by Jesus Chan
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