Africa may become home to 90% of the world’s poor – World Bank

Four in ten Africans, or over 416 million people, lived on less than $1.90 per day in 2015, according to a new report released by the World Bank on Wednesday. It said extreme poverty will become almost exclusively an African phenomenon by 2030, with 90 percent of the world’s poor projected to live on the continent. That is up from 55 percent in 2015 and it will happen unless drastic action is taken, the bank warned.The rate of poverty reduction in Africa  “slowed substantially”  after the collapse in commodity prices that started in 2014. It resulted in negative gross domestic product growth on a per capita basis.Also on Richest 26 people own same amount of wealth as poorest half of the world – Oxfam “As countries in other regions continue to make progress in poverty reduction, forecasts suggest that poverty will soon become a predominantly African phenomenon.” Data showed that government debt increased to 55 percent of GDP in 2018, from 36 percent in 2013 due to a lack of fiscal consolidation after countries tried to counter the effects of the global financial crisis by boosting spending. About 46 p ...Read more

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