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By: Bhavya Priyadarshini
The COVID-19 epidemic has increased the number of people living in extreme poverty for the first time in a generation. Progress in critical areas such as childhood immunisation and wealth equality across nations has been reversed, something that has not occurred in the previous three decades. If the current trend continues, it is estimated that by 2030, 575 million people would still be living in severe poverty, with 84 million children unable to attend school. It is anticipated that it will take about 300 years to repeal discriminatory legislation, abolish child marriage, and overcome gender inequities in legal protection.The COVID-19 crisis created the most significant setback in global poverty reduction in decades, with 71 million more people living in extreme poverty in 2020 than the previous year.
The COVID-19 crisis created the most significant setback in global poverty reduction in decades, with 71 million more people living in extreme poverty in 2020 than the previous year. In April 2020, the United Nations adopted a framework for the immediate socioeconomic reaction to COVID-19 and established the Secretary-General's UN COVID-19 reaction and Recovery Fund.
From 1990 to 2014, the globe made great progress in eliminating severe poverty, with over one billion people lifted out of it. The worldwide poverty rate fell by an average of 1.1 percentage points per year, from 37.8 to 11.2 percent in 2014. However, between 2014 and 2019, the rate of poverty reduction decreased to 0.6 percentage points per year, the weakest rate in the previous three decades. During the 24-year period, the majority of poverty reduction occurred in East Asia, the Pacific, and South Asia.
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