43% of the world’s poor people live in three countries, including India, with 24%, Nigeria with 12% and the Democratic Republic of Congo with 7%.
The World Bank said this on Tuesday, adding that the three countries have the highest shares of the world’s extremely poor, and they are not projected to grow faster than their population.
This means that extreme poverty will remain at the elevated 2020 levels through 2021.
The bank is now warning that the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic.
The projection came after the Washington-based development lender said
Monday the pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.
Before the pandemic, extreme poverty – defined as living on $1.90 per day – had been decreasing.
The bank expects growth to rebound by four percent in 2021.
“Nigeria, India and the Democratic Republic of Congo — three countries which we project are home to more than a third of the world’s poor – are predicted to have per-capita growth rates in real GDP of –0.8 percent, 2.1 percent and 0.3 percent, respectively.
“With population growth rates of 2.6 percent, 1.0 percent and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount,” the World Bank said in a blog.
The bank warned “South Asia may see a larger increase in the number of poor as a result of COVID-19,” particularly in India.
Of the 176 million people expected to be pushed below the $3.20 per-day poverty line, two-thirds are in South Asia.