The world Bank changed the poverty line from $1.25 a day to $1.9 per day, reports Reuters referring to the statement of the organization.
In a statement the Bank stated that the change reflects new data about the differences in the cost of living in different countries while retaining the previous criteria of real purchasing power.
Despite raising the bar, the Bank estimates that the number of people living in extreme poverty in 2015 for the first time falls below 10% of the total population of the planet, said in a statement. The world Bank predicts that 702 million, or 9.6% of the world’s population will live in extreme poverty in 2015, compared with 902 million, or 12.8% of the total population in 2012.
“We are the first generation in history that can beat extreme poverty”, — quotes the words of world Bank President Jim Yong Kim bi-Bi-si.
The continuing decline of poverty the world Bank connects with the rapid pace of economic growth in emerging markets, especially India, and investments in education, health and social protection.
At the same time, the Bank warns that poverty particularly vulnerable countries affected by conflicts and excessive dependence on commodity exports.