#COVID19: 150 Million People To Fall Into Extreme Poverty By 2021, World Bank Warns

October 8, 2020
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World Bank cautioned recently that by end of 2021, that it is likely that 150 million persons could fall into extreme poverty as a result of the COVID-19 pandemic and other economic downturns suffered by various countries of the world.

The organization in a latest poverty report, revealed that between 9.1% and 9.4% will be badly affected by poverty, as the percent would have been 7.9% had COVID-19 ceased to exist.

World Bank Group President, David Malpass said the pandemic may cause over 1.4% population to crumble in extreme poverty.

According to him, a more strategic and logic approach must be adopted by countries after COVID-19 era, and at the same time, make room for labour, capital and other skills be infused in new businesses.

The organization noted that poverty rates are declining over the past quarter, citing example of 1.9 billion that lived in poverty in 1990 compared to 689 million in 2007.

“Extreme poverty before now is felt mostly in rural areas, but today, it is now gradually making way to urban hubs”, the group stated.

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