In a new World Bank report titled “Poverty and Shared Prosperity 2020: Reversals of Fortune”, the group talks about the threats that conflicts, climate change and COVID-19 have on poverty reduction. In the document is also included recommendations to steer through the hard times.
World Bank is forecasting that extreme poverty could be greater in 2019 and 2020 than any time since it started tracking poverty globally in a consistent manner.
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Conflicts and climate change have increased extreme poverty for years in parts of the world. The main agent for this, as well as the weakness in poverty reduction in 2020, is COVID-19 and more people – up to 115 million – could drastically go into poverty this year.
Countries with large poor populations are more at risk of falling further into poverty being more challenged by the recent problems – COVID 19, conflict, and climate change. More so, extreme poverty was on a downward trajectory for almost 25 years. However, for the first time in a generation, the quest to end poverty has suffered its worst setback.
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In breaking down these factors further, Sub-Saharan Africa and South Asia are particularly threatened by climate change. These regions have a greater concentration of the poor globally.
As the lastest drive for poverty, COVID is penetrating a new mass that had managed to persevere in the past. This new mass could include more people from the urban to the educated and those more engaged in informal services and manufacturing and less in agriculture.
Nigeria could house 75 per cent of the new poor masses along with India, both being middle-income countries.
Actions necessary to tackle threats to global poverty reduction – World Bank
The World Bank three per cent global poverty reduction goal by 2030, had been at risk even before COVID-19. Now it is beyond reach without swift, significant, and substantial policy action as the Poverty and Shared Prosperity 2020 report shows.
The World Bank recommends that countries should continue to act on these obstacles standing in the way of poverty reduction. The group has provided recommendations on navigating the difficult times in its report.
Closing the gaps between policy aspiration and attainment
Enhancing learning, improving data
Investing in preparedness and prevention
Expanding cooperation and coordination
The world must show commitment to working together and working better now especially, and for the long term.
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