The World Bank has warned that the global economic growth might improve next year but the number of people living in extreme poverty is expected to remain the same due to the outbreak of Coronavirus this year.
World Bank noted that three countries, (India – 24%, Nigeria – 12%, DR Congo – 7%) which has the highest level of poor people in the world will not grow faster then their population, this means that extreme poverty will remain at the elevated in 2021.
The report was revealed after the Washington-based development lender revealed on Monday that the outbreak of Coronavirus might see about 70 and 100 million people fall into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.
“Nigeria, India and the Democratic Republic of Congo three countries which we project are home to more than a third of the world’s poor – are predicted to have per-capita growth rates in real GDP of –0.8 per cent, 2.1 per cent and 0.3 per cent, respectively.”
“With population growth rates of 2.6 per cent, 1.0 per cent and 3.1 per cent, this is hardly enough for sustainable decreases in the poverty headcount,” the World Bank said in a blog.”
The bank warned “South Asia may see a larger increase in the number of poor as a result of COVID-19,” particularly in India.
The further report revealed that of the 176 million people expected to be pushed below the $3.20 per day poverty line, two-thirds are in South Asia.