World Bank

The President of the World Bank has said that the phase of the global effort to eradicate poverty has been ended by Covid-19.

The World Bank has released the Poverty Report 2022. The President of the World Bank, David Melpass, has also expressed his views on it.

He said that Covid and the war in Ukraine have changed the direction of poverty reduction; the number of people falling below the extreme poverty line has increased by 7 crores in 2022.

The World Bank president added that 7 percent of the world’s population, or about 570 million people, live in extreme poverty, with global average income expected to decline by 4 percent in 2022.

He said that the goal of 2030 of extreme poverty in the world will not be met, the extremely poor people will live on 2 dollars 15 cents daily income at that time.

The World Bank president also said that the global effort to eradicate poverty has been phased out by Covid-19, instead of massive subsidies, targeted cash transfers, and increased tax revenue without hurting the poor.

By Admin