Monday, October 5, 2015

World Poverty At Record Low

From BloombergBusiness, "Extreme Poverty in the World Is About to Hit a Record Low: We're one step closer to eradicating extreme poverty by 2030" by Andrew Mayeda:
Source: BloombergBusiness

Almost half of the world’s extreme poor live in sub-Saharan Africa, according to the 2015 projection. That's up from about 15 percent in 1990. By contrast, there have been dramatic declines in poverty in East and South Asia over the same period as China and India emerged as economic powers.

“In the areas where there are large numbers of people living in extreme poverty, extreme poverty has deepened and become more embedded,” said Kim.

In addition to the new projection, the World Bank raised its definition of extreme poverty to income of $1.90 per day, from $1.25. The new poverty line adjusts for inflation using 2011 prices that account for purchasing power as a baseline.

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