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Mahesh

09/10/22 08:18 AM IST

Poverty and Shared Prosperity 2022

In News 
  • Recently, the World Bank released a report titled “Poverty and Shared Prosperity 2022: Correcting Course”.
Major Findings 
  • Global poverty reduction has been slowing down since 2015 but the Covid pandemic and the war in Ukraine have completely reversed the outcomes.
  • By 2015, the global extreme-poverty rate had been cut by more than half.
  • Since then, poverty reduction has slowed in tandem with subdued global economic growth.
  • As such, the global goal of ending extreme poverty by 2030 would not be achieved.
  • In 2020 alone, the number of people living below the extreme poverty line rose by over 70 million; the largest one-year increase since global poverty monitoring began in 1990.
  • Given current trends, 574 million people—nearly 7% of the world’s population—will still be living on less than USD 2.15 a day in 2030, with most in Africa.
  • The poorest people bore the steepest costs of the pandemic: Income losses averaged 4% for the poorest 40%, double the losses of the wealthiest 20% of the income distribution.
  • Global inequality rose, as a result, for the first time in decades.
  • Global median income declined by 4% in 2020—the first decline since measurements of median income began in 1990.
Recommendations 
  • National policy reforms can help restart progress in reducing poverty.
  • Stepped-up global cooperation will also be necessary.
  • Avoid Broad Subsidies, increase targeted cash transfers
  • High-return investments in education, research and development, and infrastructure projects need to be made today.
  • Mobilize Domestic Revenues without Hurting the Poor
Poverty in India 
  • Extreme poverty in India was 12.3% points lower in 2019 compared with 2011, as poverty headcount rate declined from 22.5% in 2011 to 10.2% in 2019, with a comparatively sharper decline in rural areas.
  • Poverty reduction was higher in rural areas compared with urban India as rural poverty declined from 26.3% in 2011 to 11.6% in 2019, while in urban areas the decline was from 14.2% to 6.3% in the corresponding period.
  • Poverty estimation in India is carried out by NITI Aayog’s task force through the calculation of poverty line based on the data captured by the National Sample Survey Office under the Ministry of Statistics and Programme Implementation (MOSPI).
Source- The Hindu

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