World Bank: 21 Million to be free from Covid-induced poverty

World Bank, COVID-19:– The World Bank reduced the Covid-induced poverty estimates to 21 million by September 15, 2021.

Highlights

• The World Bank also stated that the world may be turning the corner in terms of pandemics in 2021.
• It warned that Covid’s background of poverty was still unheard of.
• This estimate has the following implications: global poverty is expected to fall. The pace of reduction is also returning to pre-pandemic levels.
• According to the World Bank in 2020, the covid-19 epidemic led to 97 million more people falling into poverty. This number was 21 million lower than the previous estimate.
• The rate of decline is comparable to the pace expected before the pandemic. The recovery that is taking place in 2020 will not be enough to close the gap caused by the pandemic.

Current Affairs in Short: 16 September 2021

Background

The World Bank estimated in January 2021 that Covid-19 would push around 119-124 million people into extreme poverty in the World by 2020. These numbers have been revised by the World Bank based on updated global poverty data from March and June 2020.

World Bank

It is an international financial institution that provides loans and grants to governments of low- and medium-income countries to finance capital projects. It consists of the International Bank for Reconstruction & Development, (IBRD), and International Development Association. World Bank is part of the World Bank Group.

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Topics: COVID-19, Covid-Induced Poverty, Extreme Poverty, World Bank