The vagaries of COVID-19 present a massive challenge to the World Bank’s goal of reducing the global extreme poverty rate to three percent by 2030.
The agency has lamented the setback the pandemic has caused to developing economies, wiping out much of the international community’s efforts.
The World Bank has argued that the progress made in tackling poverty, with the share of the world’s population living below the international threshold for extreme poverty dropping from 36 percent in 1990 to 10 percent in 2015, is now hampered by the coronavirus disease.
According to the organization, the disease’s spread will have a disproportionate impact on the poor through job losses, loss of remittances, and disruptions in services such as education and health care.
The World Bank has estimated the global extreme poverty rate could rise from slightly above 8 percent in 2019 to around nine percent this year.
Edited by Jesus Chan
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