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Poverty

Aug 29, 2020

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rafalovitz

The World Bank Group’s goals are to end extreme poverty and promote shared prosperity. This mission underpins all of our analytical, operational, and convening work in more than 145 client countries. There has been marked progress on reducing poverty – the first of the world’s Sustainable Development Goals – over the past decades. According to the most recent estimates, in 2015, 10 percent of the world’s population or 734 million people lived on less than $1.90 a day. That’s down from nearly 36 percent or 1.9 billion people in 1990. 

However, due to the COVID-19 crisis as well as the oil price drop, this trend probably will reverse in 2020. The COVID-19 crisis will have a disproportionate impact on the poor, through job loss, loss of remittances, rising prices, and disruptions in services such as education and health care.


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Poverty is a state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living. Poverty means that the income level from employment is so low that basic human needs can't be met.