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Covid-19 and Eradication of Poverty

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Covid-19 and Eradication of Poverty

The World Bank Group, in its recent biennial report “Poverty and Shared Prosperity 2020: Reversals of Fortune,” has predicted that between 88 million and 115 million people could fall back to poverty line in 2020 due to Covid-19. It was becoming increasingly unrealistic to expect that the goal of reducing extreme poverty to less than 3 percent would be attained at the global level by 2030, unless widespread and sustained improvement in inclusive economic growth is attained. The effects of this slowdown have been apparent for some time, and have been increasingly exacerbated by the impacts of armed conflicts and climate change, but these factors have now been overwhelmed by Covid-19, and its associated global economic crisis. Current projections suggest that the Covid-19 pandemic will not merely slow global poverty reduction further, but will reverse the trend in much of the world: the number of people living in extreme poverty will increase this year by as much as 115 million.

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