World Bank: 21 million to be out of Covid-induced poverty

The World Bank cut back on the Covid-induced poverty estimates by 21 million on September 15, 2021.

Highlights

  • World bank also said that, the global poverty may be turning the corner on pandemic in 2021.
  • It also warned that the number of poor in the backdrop of Covid was still unprecedented.
  • Implications of this estimate are that, the global poverty is projected to decline. Further, the pace of reduction is returning to pre-pandemic trend.
  • According to the World Bank, the covid-19 pandemic led to 97 million more people towards poverty in 2020. This was lower by 21 million from the last estimate.
  • The pace of reduction is similar to what was expected before the pandemic spread. Thus, recovery taking place will not be sufficient to bridge gap the pandemic has caused in 2020.

Background

World Bank in January 2021 has estimated that Covid-19 will push some 119-124 million people in extreme poverty across the World in 2020. However, it has now revised these numbers on the basis of updates from global poverty data which occurred in March and June 2020.

World Bank

It is an international financial institution, providing loans and grants to the governments in low- and middle-income countries in order to pursue capital projects. It consists of two institutions: International Bank for Reconstruction & Development (IBRD) and International Development Association (IDA). World Bank is a component of World Bank Group.

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