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World Bank: Extreme poverty rate set to fall below 10% by end of 2015
06.10.2015 09:17 "Agro Perspectiva" (Kyiv) —
By end this year, the number of people living in extreme poverty around the world is likely to decline to under 10% of the global total population, UN Radio says referring to the World Bank report.
It is to be admitted, while making calculations the Bank is using an updated international poverty line of US$1.90 a day, up against the previous level of US$1.25.
As to the report, by using the US$1.90 a day rate, the World Bank projects that global poverty will fall to 702 million people within this year, or 9.6% of the global total population (down against 902 million people or 12.8% of the global population in 2012).
It is to be admitted, the World Bank Group President Jim Yong Kim says that the reductions in poverty is due to strong growth rates in developing countries in recent years.
But he adds there is still a lot of work to do.
«By 2020, just about half of all people living in extreme poverty will be living in fragile and conflict-affected states. So we really have our work cut out for us. We know we’ve made a lot of progress. Growth in emerging markets over the past five years, even during the crisis, has of course helped lift many out of extreme poverty,» Jim Yong Kim admits.
As to the report, the US$1.90 poverty line incorporates new information on differences in the cost of living in the world’s poorest countries. The figure preserves the real purchasing power of the previous rate of $1.25 a day which reflected 2005 prices.
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