World Bank head says poverty can end in 15 years
October 17, 2015 02:32
The world is capable of ending global poverty in the next 15 years if countries make tough decisions to enact reforms that will spur growth, the president of the World Bank Group said today during a visit to Ghana.
Nations must also invest in their people and provide insurance so citizens don't fall back into poverty, said World Bank Group head Jim Yong Kim. He spoke in the capital, Accra, to mark the International Day for the Eradication of Poverty.
Kim said the World Bank wants to improve the lives of people around the world and has two goals: "end poverty by 2030 and to boost shared prosperity for the bottom 40 percent of the population in developing countries."
However, he cautioned that reducing poverty by 2030 "will be extraordinarily difficult, especially during this time of low global economic growth, low commodity prices and pending interest rate hikes."
A positive sign is that the number of people who earn less than USD 1.90 a day is likely to fall below 10 percent this year to 9.6 percent, he said. Poverty in sub-Saharan Africa has fallen from 56 percent in 1990 to a projected 35 percent in 2015, according to World Bank figures.
Progress in many countries is challenged by a rapid population growth, the group has said.
TOP STORIES
© 2024 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Feedback - About us - Terms of use - Grievances