Ending extreme poverty is the global development community’s Holy Grail, and that appears to remain so even after the 2030 deadline world leaders are converging around unless there’s “strong effort and commitment from all countries,” according to a World Bank Group report released ahead of this year’s International Day for the Eradication of Poverty.
As part of its revamped strategy, the World Bank Group is now focusing its efforts on two goals: to improve the living standards of the bottom 40 percent of the people in each country and to cut down the share of people living on less than $1.25 daily to 3 percent by 2030.
To achieve the latter, countries must not only have yearly per-capita consumption growth of 4 percent but also unchanged income distribution, says the bank’s flagship Global Monitoring Report.
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Using current estimates — with developing economies expanding at less than 4 percent per year — the share of people living on less than $1.25 daily would end up at 4.9 percent by 2030. That’s about a quarter of the 2010 extreme poverty rates of 16.3 percent and roughly an eighth of the 1990 levels of 36.4 percent.
Ending extreme poverty by 2030 — a realistic goal? Chime in below, and stay tuned for our in-depth analysis of the World Bank’s Global Monitoring Report.
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