Wednesday, August 27, 2008

1.4 Billion Living In Poverty

World Poverty 'More Widespread'
The World Bank has warned that world poverty is much greater than previously thought. It has revised its previous estimate and now says that 1.4 billion people live in poverty, based on a new poverty line of $1.25 per day. This is substantially more than its earlier estimate of 985 million people living in poverty in 2004. The Bank has also revised upwards the number it said were poor in 1981, from 1.5 billion to 1.9 billion. The new estimates suggest that poverty is both more persistent, and has fallen less sharply, than previously thought. However, given the increase in world population, the poverty rate has still fallen from 50% to 25% over the past 25 years. "This is pretty grim analysis coming from the World Bank," said Elizabeth Stuart, senior policy advisor at Oxfam.

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