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China Boom Helps Developing Nations Cut Poverty, Report Says

April 15 (Bloomberg) -- The economic boom in China and India will help more than two-thirds of developing countries meet a 2015 goal of reducing poverty and hunger, the World Bank and International Monetary Fund said in a report.

The number of people in extreme poverty, defined as living on less than $1.25 a day, is forecast to drop to 883 million in four years from 1.4 billion in 2005 and 1.8 billion in 1990, the Washington-based lenders said in their Global Monitoring Report released today.

Much of this progress stems from economic growth in China and India, while Africa, the world’s poorest continent, has seen fewer improvements, the report said. In China, 4.8 percent of people are projected to live on less than $1.25 a day in 2015, compared with 36 percent, or 345 million, in sub-Saharan Africa, the report said.

“The fight against poverty is progressing well,” the report said. “Based on current economic projections, the world remains on track to reduce by half the number of people living in extreme poverty.”

World leaders at the United Nations pledged in 2000 to meet targets to reduce extreme poverty and hunger, provide universal primary schooling, improve gender parity in education, lower child mortality rates and combat HIV and AIDS.

To contact the reporter on this story: Nasreen Seria in Johannesburg at nseria@bloomberg.net.

To contact the editors responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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