The World Bank’s 2020 report highlighted the severe impact of COVID-19 on global poverty, estimating an additional 88 to 115 million people could fall into extreme poverty, with the total possibly reaching 150 million by 2021. This scenario marks the first increase in global poverty in over two decades, exacerbated by simultaneous crises in health, conflict, and climate change. The pandemic disproportionately affects middle-income countries and urban areas, reversing previous gains in poverty reduction and shared prosperity. Urgent and substantial policy actions are necessary to address this setback and support sustainable recovery. For more details, you can read the full article https://www.worldbank.org/en/news/press-release/2020/10/07/covid-19-to-add-as-many-as-150-million-extreme-poor-by-2021.
Illustrative cover design for a World Bank report from 2020.