Globally the number of people living in extreme poverty declined from 36 percent in 1990 to 10 percent in 2015: Economics Report, UON, Malaysia

University University of Nottingham (UON)
Subject Economics

Globally, the number of people living in extreme poverty declined from 36 percent in 1990 to 10 percent in 2015. But the pace of change is decelerating and the COVID-19 crisis risks reversing decades of progress in the fight against poverty. New research published by the UNU World Institute for Development Economics Research warns that the economic fallout from the global pandemic could increase global poverty by as much as half a billion people, or 8% of the total human population. This would be the first time that poverty has increased globally in thirty years, since 1990. More than 700 million people, or 10 percent of the world population, still live in extreme poverty today, struggling to fulfill the most basic needs like health, education, and access to water and sanitation, to name a few. The majority of people living on less than $1.90 a day live in sub-Saharan Africa. Worldwide, the poverty rate in rural areas is 17.2 percent—more than three times higher than in urban areas. For those who work, having a job does not guarantee a decent living. In fact, 8 percent of employed workers and their families worldwide lived in extreme poverty in 2018. One out of five children lives in extreme poverty. Ensuring social protection for all children and other vulnerable groups is critical to reduce poverty.

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