dynamics of global poverty
According to the United Nations,10 percent of the world’s population is living under extreme poverty. The statistics show that numerous people live below the international poverty line of $1.90 per day, as described by the World Bank. In the report presented to the World Summit for Social Development in the year 1995, the United nation defined poverty as a state of absolute deprivation of essential human needs, which include education, right to information, shelter, healthcare, sanitation facilities, safe drinking water, and food. Poverty is a challenge in every nation. It is essential to understand the dynamics of global poverty, its challenges, and impacts on a particular geographical area or population as well as the initiatives taken to address the problem by the government, business, and nonprofit organizations.
Poverty is a situation in which an individual or a community lacks financial and essential needs for minimum living standards. Poverty means the employment income levels are low, and that basic human needs may not be met. People and families impacted by poverty might be without adequate housing, clean drinking water, healthy food, and medical care. Each country has its measurement dynamics, which is used to determines the percentage of its people living in poverty.
According to the World Bank, more than 1 billion individuals languished in extreme poverty and were living under the poverty line of $1.25 per day since the mid-1990s. However, In 2015, it estimated that 700 million people were living in poverty, down from 1.7 billion in the yeah 1990. Nevertheless, the sub-Saharan Africa region is host to more than half the world’s population living in extreme poverty. Poverty rates are essential statistical data for foreign investors because high poverty rates are often symptomatic of a country’s deeper underlying issues. Extreme poverty is witnessed in all parts of the globe and developed economies. Despite significant progress in poverty measurement and analysis, the World Bank Organization is working hard to pinpoint indicators for other poverty dimensions. The organization tries to establish key metrics for tracking education, healthcare accessibility, deprivation, and social exclusion.
Over the past decades, substantial progress has been made in reducing poverty. In 2010 The world achieved the first Millennium Development Goal by reducing the poverty rate by half around the globe. The number of individuals suffering from extreme poverty remains unacceptable in the world, despite the progress made towards alleviating poverty. And despite the projections for global growth, poverty reduction might not be quick enough to meet the 2030 goal of ending extreme poverty.
The Sustainable Development Agenda for 2030 promises to eradicate poverty in all countries. Meeting this aggressive development agenda would require innovative strategies and stable policies, positive, balanced and fair economic growth, backed by meaningful and permanent employment for all individuals, social inclusion, declining inequalities, improved productivity as well as a stable environment. The first objective in the 2030 Sustainable Development Agenda states that ending poverty in all its form is today’s most significant global obstacle and essential criteria for sustainable development.