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Home Economy

World Bank report on Poverty-2022

October 7, 2022
in Economy
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World Bank report on Poverty-2022
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In news– World Bank has recently released a report titled “Poverty and Shared Prosperity 2022: Correcting Course.

Key findings of the report-

  • It stated that the world is unlikely to meet the goal of ending extreme poverty by 2030 absent history-defying rates of economic growth over the remainder of this decade.
  • 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. 
  • The economic upheavals brought on by COVID-19 and later the war in Ukraine produced an outright reversal in progress.

  • 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. 
  • As a result, an estimated 719 million people subsisted on less than $2.15 a day by the end of 2020.
  • Inequalities, too, have risen. The poorest people bore the steepest costs of the pandemic: income losses averaged 4 per cent for the poorest 40 per cent, double the losses of the wealthiest 20 per cent of the income distribution. 

  • Global inequality rose, as a result, for the first time in decades.
  • Global median income declined by 4 per cent in 2020—the first decline since measurements of median income began in 1990.

India’s poverty levels-

  • Poverty has gone up in India too. Previous estimates suggested a poverty headcount rate at the US$1.90 poverty line of 10.4 percent in 2017. 
  • The latest estimate based on Sinha Roy and van der Weide (2022) shows that poverty at the US$1.90 poverty line was 13.6 percent in 2017.
  • However, the report uses data from the Centre for Monitoring Indian Economy (CMIE), because there are no official estimates of poverty available since 2011.
  • The most recent survey data released by the National Sample Survey Office of India used to measure poverty is the 2011/12 National Sample Survey (NSS). The government decided not to release the 2017/18 NSS round because of concerns about data quality.

The World Bank has three specific suggestions when it comes to fiscal policy-

  1. Choose targeted cash transfers instead of broad subsidies.
  2. Prioritize public spending for long-term growth.
  3. Mobilize tax revenues without hurting the poor.

 

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Source: The Indian Express
Tags: bNewspaperPrelims

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