About the Report

• It is a biennial report released by the World Bank. 
• It provides a global audience with the latest and most accurate estimates on trends in global poverty and shared prosperity.

Why in News?

• The World Bank has released its Poverty and Shared Prosperity 2020 report. 

Highlights of the Report

• Global extreme poverty is expected to rise for the first time in 20 years because of the disruption caused by COVID-19, exacerbating the impact of conflict and climate change, which were already slowing down poverty reduction.
• The pandemic may push another 88 million to 115 million into extreme poverty or having to live on less than $1.50 per day, resulting in a total of 150 million such individuals.
• The pandemic and global recession may cause over 1.4% of the world’s population to fall into extreme poverty.
• Many of the newly poor individuals will be from countries that already have high poverty rates while many in middle income countries (MICs) will slip below the poverty line.
• Sub-Saharan Africa, with 27-40 million new poor, and South Asia, with 49-57 million new poor, will be badly hit as per the Bank’s projections.
• In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labour, skills, and innovation to move into new businesses and sectors. 

Reference:

1. https://www.thehindu.com/news/international/coronavirus-pandemic-could-push-150-million-into-extreme-poverty-says-world-bank/article32793466.ece