New data reveal increasing poverty in developing countries

There are more poor people around the world than previously thought, the World Bank said Tuesday, following a major overhaul of its past estimates of global poverty, dpa reported.

Following an upward adjustment of the cost of living in poorer countries, the bank said about 1.4 billion people - or one in four - in the developing world lived below the new reference point of 1.25 dollars a day, which is benchmarked to 2005 rather than 1993 prices.

The World Bank's earlier estimate of 985 million people living below the international poverty line of 1 dollar a day was based on cost of living data from 1993.

However, lags in survey data mean that they do not reflect the potentially large adverse effects on poor people of rising food and fuel prices since 2005.

The bank's latest update on the world's poor drew on 675 household surveys for 116 developing countries, representing 96 per cent of the population.

While the developing world is poorer than earlier thought, the World Bank's economists said there was also evidence of successes in the fight against poverty.

"The new data confirm that the world will likely reach the first Millennium Development Goal (MDG) of halving the 1990 level of poverty by 2015," said Justin Lin, the Bank's chief economist. This means that even in 2015, about 1 billion people will be living in extreme poverty.

"However, the sobering news that poverty is more pervasive than we thought means we must redouble our efforts, especially in sub-Saharan Africa," he said.

The international poverty line is not arbitrarily selected, but is based on average national poverty estimates for the poorest 10-20 countries. The new data reveal sharp regional differences.

While the number of poor in east Asia dropped from 80 per cent living below 1.25 dollars a day in 1981, to 18 per cent in 2005, in sub-Saharan Africa the poverty rate has persisted at 50 per cent over the quarter century between 1981 and 2005.

The number of poor almost doubled in sub-Saharan Africa from 200 million in 1981 to 380 million in 2005. If the trend persists, this region will have a third of the world's poor by 2015.

Chief economist Lin said: " China managed to reduce poverty in the last 30 years because of market-oriented reform. There are lessons here for other developing countries."

He also admitted that if China were taken out of the equation the world would not be on track to achieve the goal of halving poverty by 2015.

China had 207 million people living in poverty in 2005, a decrease from 835 million in 1981.

In South Asia, the poverty rate fell from 60 to 40 per cent between 1981 and 2005, but the total number of poor people in the region was about 600 million.

Weekly review of Azerbaijan's precious metals market
Weekly review of Azerbaijan's precious metals market
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
Azerbaijan's FM meets with EU Special Representative for South Caucasus (PHOTO)
Azerbaijan's FM meets with EU Special Representative for South Caucasus (PHOTO)
Loading Bars
Latest
Iran lowers import of Turkey-made cars
Energy Community welcomes adoption of Law on Energy and Water Supply by Georgia
Iran discloses details of exports via Kerman Province
UK PM urges unity in global fight against COVID-19
Iran's National Information Network to function alongside global internet
Iran reveals details for returning of currency earnings from exports
Lebanese security forces kill two members of armed group
Iran's import of chemicals from Turkey dips
Weekly review of Azerbaijan's precious metals market
Total volume of non-bank deposits in Georgia′ s banking sector up
Italy considers production of Italian denim fabrics in Uzbekistan
Iranian Energy Exchange announces products to be on sale September 27
Azerbaijan's Anglo Asian Mining reveals revenue forecast for this year
UK records another 6,042 coronavirus cases
Brazil exceeds 140,000 deaths from COVID-19
Iran, Iraq discuss bilateral ties, regional developments
Turkey unveils goods shipment figures from Lebanon via its ports
Serbia to further boost ties with Turkey, President Vucic says
Deputy Health Minister – Georgia maintains ‘dark green zone’ status on global COVID-risk scale
EU-Kazakhstan Cooperation Committee debate COVID-19 impact, coop issues
Ukraine's president orders prompt investigation of plane crash
Iran's Bahar Azadi gold coin price continues to rise
Azerbaijan's FM meets with EU Special Representative for South Caucasus (PHOTO)
Azerbaijani president congratulates his China counterpart
England's COVID-19 app does not accept a third of test results
Kazakh cities introducing smart technologies via Smart City projects
Volume of cargo shipment from Spain across Turkish ports revealed
Kazakhstan increases exports to Greece despite COVID-19
Import of cars from Turkey by Georgia shows drop
Iran reveals its COVID-19 data for September 26
Azerbaijani ambassador meets with Russian St. Petersburg's governor
Azerbaijan confirms 131 more COVID-19 recoveries
Kazakhstan, EU eye establishing direct air flights
Azerbaijani president expresses condolences to president of Ukraine
Uzbekistan, Egypt eye to co-op regarding electrical equipment production
Russia reports over 7,500 coronavirus cases in the past day
Turkmenistan’s Turkmentruba opens tender to buy chemical products
Kazakhstan's postal service operator to buy coal via tender
Volume of loans issued by Georgian commercial banks down
Loan portfolio of banks, NBCOs in Azerbaijan down
Volume of cargo shipment from Egypt across Turkish ports revealed
Weekly review of Azerbaijan's currency market
Azerbaijani oil prices on the rise
Volume of food oil exported from EAEU to Turkmenistan revealed
Average monthly salary in Baku increases
Member of Pakistani Senate: Ethno fascism of Armenia - menace to regional stability
Total assets of Azerbaijani banks decline
Share of Turkish cars on Israeli market down
Uzbek airport to buy accumulator batteries and agriculture tires via tender
Uzbek airport to buy auto parts via tender
China increases import of Turkish cars
Turkey's chemicals exports to Georgia down
Turkish gov't: Pashinyan's statement on Azerbaijan, Turkey - attempt to deceive world community
Philippines surpasses 300,000 confirmed coronavirus cases
Azerbaijani delegation to UN: Armenian attempts to disguise unlawful actions by self-determination - fundamentally flawed
Georgia increases export of apples
Turkmenistan's Turkmenabat chemical plant develops co-op with country’s private sector
Another rise in food prices expected in Georgia
Number of oil and gas wells drilled in Iran revealed
Uzbek-Korean AO Uz-Dongwon opens tender for transport services
Azerbaijan's MFA: Armenian MFA's worthless statement can't deny truth said by President Aliyev
Uzbek-Korean Uz-Kor Gas Chemical LLC to buy software via tender
Uzbekistan to create its own COVID-19 vaccine
China's Changan Ford JV sales to grow this year, company official says
Iranian currency rates for September 26
Georgia reports 296 new COVID-19 cases
Uzbek potash fertilizers export to Indonesia to be increased
Turkmenistan brings home its citizens from Turkey amid COVID-19 threat
Russian’ Astrakhan interested in importing Turkmen textiles
Armenia violates ceasefire with Azerbaijan 48 times
Number of coronavirus cases in Uzbekistan approaches 55,000
Mitsubishi Motors to cut 500-600 jobs to reduce costs
Mitsubishi Motors to cut 500-600 jobs to reduce costs: sources
Every 250th person on Earth already contracted coronavirus
Latvia ready to provide access to its sea ports to Central Asian countries
Uzbekistan reduces import of electrical goods from Turkey
Gakharia: Georgia is a part of European civilization
Chinese mainland reports no new locally transmitted COVID-19 cases
American Airlines to get $5.5 bn loan from US Treasury
Togo's prime minister and government resign, presidency says
Brazil exceeds 140,000 deaths from COVID-19
124 illegal immigrants rescued off Libyan coast: UN
Seventeen more coronavirus patients die in Moscow in past day — crisis center
U.S. COVID-19 cases surpass 7 mln -- Johns Hopkins University
FAA chief set to conduct 737 MAX evaluation flight next week
UK pledges over $400 million for WHO, calls for end to 'ugly rifts'
25 people killed in military plane crash in Ukraine (UPDATE)
UAE reports 1,008 new COVID-19 cases, 89,540 in total
Turkmen textile company reveales production volume
Coronavirus cases pass half-million mark in France
Kazakhstan's export to Romania decreases amid COVID-19
TRT World aires documentary on devastating effects of Armenian-Azerbaijani conflict (VIDEO)
Inflow of Turkish labor migrants to France plunges to record low
Iran's trade with EU declines
Google to block election ads after November 3
Police officer shot dead at custody centre in London
Turkmen textile company talks impact of COVID-19 on exports
Level of dollarization on individuals' bank deposits in Azerbaijan increase
Georgia reveals volume of processed grapes as of Sept.25
Rise in COVID-19 cases in Turkey now under control, health minister assures
All news