Report: Coronavirus Pandemic Could Force 115 Million People Into Extreme Poverty

Topline

The global coronavirus pandemic is poised to drag up to 115 million people into extreme poverty, according to a World Bank report released Wednesday, the largest spike in world poverty rates in a generation.

Key Facts

Key Background

There are between 703 million and 729 million people living in extreme poverty across the globe, estimates the World Bank. Prior to the coronavirus pandemic that number was roughly 615 million. Apart from Covid-19, climate change is the biggest threat to poverty reduction – up to 135 million people could be forced into poverty by 2030 because of climate change. 

Crucial Quote

“The new poor are more urban, better educated and less likely to work in agriculture than those living in extreme poverty before Covid-19,” the World Bank said in its report.

Big Number

$1.09. That’s how much money the extremely poor live on per day, according to the World Bank.

Tangent

Policies proposed or endorsed by Democratic presidential candidate Joe Biden and his running mate Kamala Harris, including Section 8 housing voucher expansion and new tax credits for low-income households, could slash poverty in America by half, according to a report by Columbia University’s Center for Poverty and Social Policy.

Further Reading

Global Action Urgently Needed to Halt Historic Threats to Poverty Reduction (World Bank)

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