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Decades of Global Poverty Reduction Reversed by Pandemic and War

The Covid-19 pandemic and Russia’s invasion of Ukraine have reversed three decades of progress in reducing poverty, according to the World Bank, which warned that the global goal of eradicating extreme poverty by 2030 is now out of reach.

About 70 million people fell into extreme poverty in 2020, the largest increase since monitoring began in 1990, the Washington-based lender said in a report Wednesday. At current economic trends, more than 570 million, or about 7% of the world’s population, will remain living below that threshold by the end of this decade.