May 29, 2025 3:29 am
Full News

World Bank: Global Poverty Reduction Stalls, 2020-2030 a Lost Decade

After several years of facing multiple, continuous shocks, the global economy is finally showing signs of stabilizing. Despite the grimmest predictions, the world managed to avoid a global recession this year.

However, while advanced economies have largely recovered, developing countries have yet to catch up. Low-income countries risk being left even further behind as the gap between developed and developing nations widens.

Currently, about 700 million people, or 8.5% of the global population, live in extreme poverty on less than $2.15 a day. Around 3.5 billion people subsist on less than $6.85 a day, a poverty line more relevant for middle-income countries which are home to three-quarters of the world’s population. The challenge of eradicating extreme poverty is daunting, with projections indicating it could take decades to achieve and more than a century to eliminate poverty as it is currently defined for nearly half of the world’s people.

Earlier this month, the global community reaffirmed their commitment to the International Development Association (IDA), which offers concessional lending to 78 low-income countries. The 21st replenishment of IDA raised $23.7 billion to boost development for these countries from 2025-2028. Leveraging this unique model, IDA will generate $100 billion in affordable financing to help countries spur job growth, deliver better quality healthcare, improve education, expand electricity access, enhance food security and nutrition, and much more.

The renewed commitment to IDA represents a critical step forward in addressing the multifaceted challenges that low-income countries face. However, without drastic and sustained efforts, the eradication of extreme poverty remains a distant goal.

The World Bank’s recent report underscores the urgent need for continued global support and action to bridge the gap between the world’s wealthiest and its most vulnerable populations.

Related News
Rohingya Refugees Pray for Release of ARSA Leader Amid Tensions in Bangladesh
Israel Halts Entry of Goods into Gaza, Warns of ‘Additional Consequences’
Over 17,000 Migrants Arrested in Saudi Arabia in One Week
Trump Claims Efforts to De-Escalate Russia-Ukraine War Are “Under Control”
Heart Attack Risk Can Be Identified by Age 10: Findings from Harvard Pilgrim Healthcare Institute
EU Adopts Four New Sanctions Packages Against Russia
Related Posts
Gazan Children Queue for Food as Starvation Crisis Deepens
Ukrainian Drones Strike Russian Weapons Factories, Kyiv Claims
People With ADHD Face Higher Driving Risks — But There Are Ways To Stay Safe
NYC Subway Modernization and Congestion Pricing Victory Highlight Latest MTA Board Meeting
Supporters of Khaleda Zia Rally in Dhaka, Demand General Election in December
China, North Korea, and Russia Respond to Trump’s ‘Golden Dome’ Defense Proposal
More News

Canada accuse India home minister plotted against Sikh separatists

The Canadian government on Tuesday accused Indian Home Affairs Minister Amit Shah, a key ally of Prime Minister Narendra Modi, of orchestrating plots against Sikh separatists in Canada. The Indian government did not immediately respond but has dismissed Canada’s prior accusations as baseless, denying any involvement. The Washington Post newspaper first reported that Canadian officials […]

“Largest Wildfire in Three Decades Forces Thousands to Evacuate in Northern Japan”

March 2, 2025: Thousands of people were evacuated from parts of northern Japan as the country’s largest wildfire in three decades raged unabated on March 2, leaving at least one person dead, officials said. Around 2,000 people fled areas around the northern Japan city of Ofunato to stay with friends or relatives, while more than […]

Legendary Bollywood Filmmaker Shyam Benegal Passes Away

Renowned Bollywood filmmaker Shyam Benegal has passed away, according to a report by The Times of India. He breathed his last at Mumbai’s Wockhardt Hospital today (December 23) at 6 PM. He was 90 years old. Shyam Benegal had been unwell for a long time. His daughter, Pia Benegal, confirmed the news of his demise […]

Best New Artist Grammy Winner Chappell Roan Criticizes Music Industry

At the 2025 Grammy Awards, Chappell Roan took home the coveted award for Best New Artist and used her acceptance speech to address an issue close to her heart: the treatment of developing artists within the music industry. Roan, who was presented with the award by 2024’s winner Victoria Monet, thanked her fellow nominees, acknowledging […]

Malaysia Court Drops 1MDB Charges Against Najib and Former Treasury Official

A Malaysian court on Wednesday, Nov 27, dismissed corruption charges tied to the multibillion-dollar 1MDB scandal against jailed former Prime Minister Najib Razak and former treasury secretary-general Irwan Serigar Abdullah. The charges, dating back to 2018, involved six counts of criminal breach of trust over government funds amounting to 6.6 billion ringgit (US$1.48 billion). These […]

US Aid Suspension Threatens Rohingya Assistance Amid Bangladesh’s Financial Strain

Bangladesh is seeking increased contributions from the European Union for humanitarian assistance to the Rohingya. This message was delivered during a meeting of the EU-Bangladesh Joint Commission with the visiting EU delegation in Dhaka last week. But the real question is: what’s new in this? And why is there increasing concern about it now? Firstly, […]

Rubio and Sikorski Discuss Defense Investment and Market Access in Washington

Washington, D.C. – U.S. Secretary of State Marco Rubio met with Polish Foreign Minister Radoslaw Sikorski in Washington on Friday to discuss “fair and reciprocal market access” and the urgent need for NATO Allies to increase their defense investment. “We also discussed the Russia-Ukraine war and the need for all NATO Allies to increase their […]

Jenna Ortega Lands Lead Role in Single White Female Remake

Jenna Ortega, known for her iconic role as Wednesday Addams in Netflix’s Wednesday, has secured her next lead movie role in the upcoming remake of the classic ’90s psychological thriller Single White Female. According to Variety, the film, which was originally based on John Lutz’s novel SWF Seeks Same, is being revamped by Sony and […]

Navigating Troubled Waters: India’s Maritime Security Strategy Amid Rising Threats in the Gulf of Aden and Red Sea

As global dynamics shift and regional conflicts simmer, the strategic importance of maritime security for economic prosperity has come to the forefront of India’s defense policy. Indian Defence Minister Rajnath Singh, in a recent address, highlighted the growing concerns over the security threats in key maritime regions such as the Gulf of Aden and the […]

Trump Confronts South African President Ramaphosa With Misinformation During Oval Office Meeting

The Voice News:South African President Cyril Ramaphosa had hoped to use his May 21 visit to Washington to strengthen bilateral relations and ease diplomatic tensions. But the meeting with U.S. President Donald Trump quickly turned combative, overshadowed by Trump’s insistence on a false narrative of “white genocide” in South Africa. After a brief, polite introduction, […]