Although the poverty rate is projected to decrease to 8.7% in 2021, it was still higher than the pre-pandemic level. The losses have been much higher for low-income countries, which have been set back by 8-9 years. Nowcasts suggest that the global poverty rate sharply increased from 8.3% in 2019 to 9.2% in 2020 due to COVID-19, representing the first increase in extreme poverty since 1998 and the largest since 1990, and setting back poverty reduction by around three years.
If these measures continue, they will provide the needed assistance for the poor and help them move out of poverty.īetween 20, global poverty continued its historical decline, with the global poverty rate falling from 10.1% in 2015 to 8.6% in 2018. Almost all countries have introduced new short-term social protection measures in response to the COVID-19 crisis to protect people’s health, jobs and income. It is estimated these combined crises will lead to an additional 75 million to 95 million people living in extreme poverty in 2022, compared to prepandemic projections. This unprecedented reversal is further exacerbated by rising inflation and the impacts of the war in Ukraine. The impact of the COVID-19 pandemic reversed the steady progress of poverty reduction over the past 25 years.
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