By 2021, 150 million people are expected to be trapped in a quagmire of poverty due to the Corona virus epidemic. The World Bank gave this warning on Wednesday. The World Bank said that countries will have to be prepared for a different type of economy after the corona virus epidemic, in which capital, labor, skills and innovation will have to be allowed into new areas and businesses.
The organization said that due to Kovid-19 there is a possibility of pushing more than 8.8 crore to 115 million people this year under extreme poverty. With this, the number of extremely poor people can reach 150 million by 2021. The organization said it would depend on the pace of economic decline.
In its biennial Poverty and Shared Prosperity Report, the World Bank said that if this epidemic does not occur, the number of extremely poor people was expected to come down to 7.9 percent in 2020.
David Malpas, president of the World Bank Group, said, “The epidemic and the global recession may have caused more than 1.4 percent of the world’s population to fall into poverty.”
He said, “To reverse this serious setback towards the progress of development and reduction of poverty, by allowing capital, labor, skills and innovation to step into new businesses and sectors, countries will be able to move in the post-Kovid-19 era.” A different type of economy will have to be prepared.
The report said that already the countries where the poverty rate is high, the number of new poor in those countries is also going to increase. In many middle-income countries, significant numbers of people will move below the extreme poverty line. The report estimates that about 82 percent of such people will be in middle-income countries.
The World Bank said that it is finding it difficult to achieve the goal of ending poverty by 2030 due to conflicts, environmental changes including Kovid-19. He said that now by 2030, the global poverty rate is estimated to be around seven percent.
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