Poverty and shared prosperity 2020: reversals of fortune
For almost 25 years, extreme poverty was steadily declining. Now, for the first time in a generation, the quest to end poverty has suffered its worst setback. This setback is largely due to major challenges — COVID 19, conflict, and climate change — facing all countries, but in particular those with large poor populations. The increase in extreme poverty from 2019 to 2020 is projected to be larger than any time since the World Bank started tracking poverty globally in a consistent manner. While COVID-19 is a new obstacle, conflicts and climate change have been increasing extreme poverty for years in parts of the world. Communities, countries and continents are facing these daunting challenges. A new World Bank report — Poverty and Shared Prosperity 2020: Reversals of Fortune — sheds new light on the threats to poverty reduction and provides recommendations to navigate this tough terrain.