For 25 years, poverty was reduced at an extraordinary rate across global economies. Starting in 1990, the swift economic development, particularly in China and India, freed over a billion individuals from the affliction of extreme poverty. Following 2020 and the onset of the COVID-19 pandemic, a significant reversal commenced. The reduction of poverty slowed down significantly. Countries with lower income levels performed less effectively than the richer economies in their pandemic response. Then, conflict in Europe and the Middle East caused disruptions to the supply of food grains and fuel. The World Bank’s Poverty and Shared Prosperity 2022 report, published two years ago, reviewed the situation and reached a grim conclusion: for the first time in decades, poverty had increased. If things continue as they are, it will take three decades to meet this goal. The poverty limit for middle-income economies is $6.85; the delay would be even longer when their daily earnings are below that. To eradicate poverty at this elevated level, which currently impacts half of humanity, would require over a hundred years. In conclusion, the 2020s will probably turn out to be a lost decade for the whole world, rather than just for a few specific countries. This endangers progress on two other fronts: the battle against climate change and the effort to broaden the middle class globally. Poverty, prosperity, and planet 2024: the World Bank report has coordinated these three goals during the post-pandemic.

It plays a crucial role in our institution’s endeavors to fulfill its revised vision: to create a world. The analysis produces a number of sobering conclusions, along with clear evidence that progress can be made even in the face of daunting conditions. The positive development is that worldwide advancement in the mitigation of extreme poverty has been recommended. By 2024, the extreme poverty rate had fallen to 8.5 percent, the first occurrence of it going below the 8.8 percent rate that existed just before the onset of the COVID-19 pandemic. The wealth and financial access of these countries have allowed them to invest more in climate adaptation, enabling them to protect almost their entire populations from extreme weather events. In contrast, nations classified as IDA have managed to shield only slightly more than 50% of their populations from the threat of real damage caused by extreme weather. These differences will consider strategy for weighing trade-offs at the point of poverty, prosperity, and planet. The economies, especially those that are poor, ought to be permitted to prioritize climate resilience. Governments have accomplished notable advancements in their endeavors to tackle inequalities within national borders worldwide. The year 2024 notices the number of economies depicted by large inequality reach a 24-year low, denoting a downsizing of one-third since the start of the century. However, 1.7 billion [20 percent of the global population] still dwell in large inequality economies that are clustered in Sub-Saharan Africa and Latin America and the Caribbean. Poverty and inequality are linked. Additionally, it establishes a sturdier basis for peace and stability. For instance, Sub-Saharan Africa has the largest proportion of individuals at high risk from extreme-weather events; over one-third and half of its population are unable to avail proper sanitation and electricity facilities. This report provides the first evaluation of global advancement toward these interconnected objectives in the post-pandemic context and examines possible routes out of the current polycrisis, an environment in which various interrelated challenges are simultaneously affecting the world.

In a global population of 700 million people, which is mentioned as 8.5% are facing severe poverty. In a day, less than $2.15 survived their lives. Towards low growth, COVID-19 setbacks, and increased instability, impasse progress. Approximately 3.5 billion individuals (44% of the world’s population) are classified as poor according to a standard more applicable to upper middle-income countries ($6.85 daily). The quantity of those who live less than this amount has witnessed little change since the 1990s, mainly due to population growth. According to the poverty rate in 2024, which is depicted by Sub-Saharan Africa, nearly 67% were in intense poverty, whereas the global population is only 16%. Adverse poverty is home for Sub-Saharan African regions, where two-thirds of the world population are facing issues that rise to three-quarters when considering all war-torn regions and undeveloped countries. 72% of the global population are living in severe poverty; according to the International Development Association (IDA), there are some countries that qualify as home. If the current trajectory continues, then the estimated data reveals that by 2030, 622 million people, which is 7.3 percent of the world population, will be living in extreme poverty.

The World Bank's new shared prosperity indicator, the Global Prosperity Gap, measures the average distance from a threshold of $25 per person in a day, focusing particularly on the incomes of the poorest individuals. It is essential to track shared prosperity, which assesses growth's inclusiveness, as average income growth alone does not sufficiently reflect development. The prosperity gap reduction has been delayed since the pandemic, highlighting a downturn in inclusive income growth during this time. Extreme inequalities can designate an inadequate opportunity for socioeconomic progress, which can foster the chances of expansive growth and easing of poverty in the long run. The advancement towards prosperity and growth must be swift and more inclusive. It will take 100 years to overcome economic disparity among upper- and middle-income countries due to the current growth rate. In case the growth of income is significantly faster or more diverse, then the required years can be decreased. Presently, 20% of the population is at risk of undergoing a vigorous weather event during their lives. It denotes that they are possibly going to encounter grim obstacles to their livelihoods, which will significantly impede the reduction of poverty. To shield individuals from severe weather occurrences, two measures must be implemented. reducing susceptibility by improving risk management and averting the aggravation of future climate risks by hastening changes that will lessen the emissions intensity of growth. In order to eradicate poverty and improve shared affluence on a sustainable planet, it is crucial to achieve trade-offs. To guide decision-making, it is crucial to grip the trade-off between collective incomes and dipping GHG emissions, recognize methods to intensify cooperative policies that can develop multiple objectives or reduce trade-offs, and also discourse short-term transition costs for selected groups and communities. It is important to endorse international alliances and conduit financial gaps for sustainable development in order to ease the change toward more sustainable, minimal short-term transition costs for certain groups and communities. It is possible to attain a world devoid of poverty on a sustainable planet, but it necessitates substantial and prompt endeavors.