World poverty reduction has come to a stop

The UN has identified 54 developing economies with severe debt problems. While accounting for little more than 3% of the global economy, they represent 18% of the world’s population, and more than 50% of people living in extreme poverty.

Some countries are spending more on debt interest payments than on health, education and social protection combined, and that is hindering the fight against poverty.

The UN has a goal of reducing extreme poverty to 3% of the world’s population by 2030, but Indermit Gill, the World Bank’s chief economist, says on current trends the target will be missed. “We are totally off course. Poverty reduction has come to a stop.”


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