The World Bank has forecast the most impoverished will sink below 10 percent for the first time in recorded history.
Citing the results from a new formula to classify extreme poverty, the World Bank projects those living in penury will drop to 9.6 percent in 2015, down from 12.8 percent in 2012.
The new template to measure the specific category of extreme poverty is sustaining on an income level of $1.90 per day. The World Bank did not reveal the nature of the change from the previous $1.25 per day benchmark.
“We are the first generation in human history that can end extreme poverty,” World Bank President Jim Yong Kim said.
The World Bank’s report noted the reduced poverty rates were linked to anti-poverty programs and funding of education and health programs.
The World Bank’s report summoned statistics which reflect declining poverty rates over the past 25 years; however, despite optimism, sub-Saharan Africa, and South Asia remain concerns for anti-poverty programs.
The World Bank urged caution, however: Their account of falling poverty rates are likely threatened by civil unrest and slowing economic growth worldwide.
[BBC.com] [Photo courtesy Al-Sharq.com]