The World Bank has said that for the first time, less than 10 percent of the world’s population will be living in extreme poverty by the end of 2015. The bank is using a new income figure of $1.90 per day to define extreme poverty, up from $1.25. Global poverty is estimated to fall to 702.1 million, a poverty rate of 9.6%, the first time this number will be in the single digits. The World Bank credits the decline to strong growth rates in developing countries and investments in education, health and social safety nets.
Jim Yong Kim, World Bank Group President said “This is the best story in the world today — these projections show us that we are the first generation in human history that can end extreme poverty. This new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the most effective strategies to end extreme poverty. It will be extraordinarily hard, especially in a period of slower global growth, volatile financial markets, conflicts, high youth unemployment, and the growing impact of climate change. But it remains within our grasp, as long as our high aspirations are matched by country-led plans that help the still millions of people living in extreme poverty.”