The World Bank reports that after decades of progress against poverty, the world is encountering serious setbacks due to economic stagnation, conflicts, and environmental crises.
Axel van Trotsenburg emphasized the need for a new development approach to address the intertwined crises affecting global poverty and to improve lives and livelihoods.
The report indicates that the UN’s goal to eliminate extreme poverty by 2030 is currently unattainable, with the global poverty rate projected to decrease only modestly by then.
Without significant and immediate changes to current strategies, overcoming the intersection of wars, debt, and climate change hindering poverty reduction will take over three decades.
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