Reports from the World Bank indicate that it is unlikely to meet the goal of extreme poverty by 2030.
COVID-19, wars and high prices are making things worse.
The World Bank released a new Poverty and Shared Prosperity report outlined that the progress in the global fight and extreme poverty has come to a standstill.
The report called the coronavirus pandemic a historic turning point that halted decades of poverty reduction.
According to the bank, an international developmental lending institution in 2020 saw 71 million more people living on less than 3 dollars a day bringing the overall total to 719 million people and signaling the biggest single-year leap in more than 30 years.
The analysis said the situation has now become even bleaker about Russia -Ukraine, as well as China’s flagging economy, inflation and rise in food and energy prices, further threatening to impede progress in the future.
The President of the Bank, David Malpass, highlights the need for major growth-boosting policy reforms.
