Economics

Describe global poverty trends.


SOLUTION

The proportion of people in developing countries living in extreme economic poverty i.e. on less than $ 1 per day as defined by World Bank has fallen from 28% in 1990 to 21% in 2001. There has been a substantial reduction in global poverty, but it is marked with great regional differences        

(a) Poverty declined substantially in China and South Asian countries as a result of rapid economic growth and massive development.  

(b) The number of poor in China has come down from 606 million 1981 to 212 million in 2001.  

(c) In the countries of South Asia (India, Pakistan, Sri Lanka, Nepal, Bangladesh, Bhutan) the decline has not been so rapid, it has declined marginally from 475 million in 1981 to 428 million in 2001.  

(d) In the Sub Saharan Africa, poverty rose from 41% in 1981 to 46% in 2001.  

(e) In Latin America the ratio of poverty has remained the same.  

(f) Poverty has resurfaced in some of the former socialist countries like Russia, where it was non-existent earlier.  

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