Poverty In Global Economy : How the Future Looks like

Global Poverty Indicators are considered one of the major parameters in assessing the global growth. Based on some of the previous achievements, World Bank Group has set its target to reduce the extreme poverty to below 3 % by 2030. According to World Bank own analysis and report, this goal is very difficult to achieve.

Based on some very specific parameters, a consistent study is being carried out to estimate the projections. As per this report, Growth is being one of the important parameters in reducing the poverty and in achieving this goal. Nevertheless there is an urgent need to sought for the change in Public policies addressing the need of the world poor.

2030 Poverty Estimates: World Bank Report

World Bank Report on Poverty7777

Source: World Bank (2014ij) and Chapter 2

Analysis Base: In the process to estimate a robust and close to factual outcome, five base scenario being evaluated and analyzed. 1). Baseline: 2015-2017 average per capita growth rates of countries considered for 2030 estimate.2). Pessimistic: The analysis and estimate based on assumption of sustained slowdown in the global economy 3). Historical Considerations: Average actual per capita growth rate during 1991–2010 considered to estimate the 2030 projections. 4). Pre-Crisis: It is estimated that 2015 to 2030 per capita growth rate will be average growth rate achieved during 2003-2008. This estimates the repeat of strong global performance. 5). Optimistic: 4 percent per capita growth rate assumed during 2015-2030.

I personally find this report very disturbing. We cannot even remove the extreme poverty (mind it we are not talking about poverty but EXTREME POVERTY) by 2030? What growth and technology innovations we all have been talking about? Based on the estimates along the varied parameters, World Bank also raises concerns and urge for global cohesiveness to impede the urgency of implementing growth enhancing Public Policies and structural reforms.

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