The global lender, World bank, has tipped positive growth on poverty globally through the new World Bank study that indicated decline poverty is on the decline worldwide despite the sluggish growth of economies.
According to the report released on Sunday, Sub-Saharan host half of the world’s extreme poor people.
“Half of the world’s extreme poor live in Sub-Saharan Africa while a third are in South Asia,” said the report released in Washington on Sunday.
An average income went up for people living in the bottom 40 per cent of their countries between 2008 and 2013 in 60 of 83 countries covered by the report.
“It’s remarkable that countries have continued to reduce poverty and boost shared prosperity but still, far too many people live with far too little,” said World Bank Group President Jim Yong Kim
Warning by the report
The reports warned that reducing high inequality may be a necessary component of reaching the goal of ending extreme poverty.
According to the inaugural edition of Poverty and Shared Prosperity, nearly 800 million people live on less than a dollar a day.
“Unless we can resume faster global growth and reduce inequality, we risk missing our target of ending extreme poverty by 2030,” he said.
“The message is clear; to end poverty, we must make growth work for the poorest, and one of the surest ways to do that is to reduce high inequality.”