World Bank Says Goal of Ending Extreme Poverty by 2030 Unlikely to Be Met

After decades of poverty reduction, the COVID-19 pandemic marked a historic turning point, according to the report, with 71 million more people expected to live in extreme poverty in 2020.

That meant that 719 million people, or roughly 9.3% of the world's population, survived on less than $2.15 per day. It also warned that the ongoing war, slowing Chinese economic growth, and rising food and energy prices threatened to further impede further efforts to combat poverty.

According to the report, a projected 574 million people, or about 7% of the global population, would still be surviving at that income level by 2030, mostly in Africa, barring significant growth improvements.

The World Bank advised nations to increase cooperation, refrain from broad subsidies, concentrate on long-term growth, and adopt policies like property taxes and carbon taxes that could help raise money without harming the most vulnerable.