As the COVID-19 pandemic hit the world, it upended numerous lives, brought industries to a near-standstill, and disrupted global economic activities.
The latest report by the World Bank has suggested that 71 million people across the globe may have been pushed into extreme poverty due to the pandemic in 2020. And, out of these, nearly 79% of people were from India.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The report titled "Poverty and Shared Prosperity 2022" stated that the pandemic proved to be a major setback to global poverty. It led to a rise in the global extreme poverty rate, which increased from 8.4 per cent in 2019 to 9.3 per cent in 2020.
By the end of 2020, 71 million people plunged into extreme poverty, resulting in a global total of over 700 million impoverished people.
According to World Bank, the most populous countries were the biggest contributor to the increase in global poverty. It stated that India accounted for 56 million of the estimated 71 million increase in the number of poverty-stricken people.
However, it highlighted that China, despite being the most populated country, did not contribute much to the global poverty increase in 2020. The country experienced a "moderate economic shock in 2020".
On the other hand, the report said India witnessed a "pronounced economic contraction" in 2020.
The report used data from the Consumer Pyramids Household Survey (CPHS), conducted by a private data company, the Centre for Monitoring Indian Economy.
The CPHS data was used to measure poverty, as the Indian government has not released official data on poverty since 2011. "Given the country's size and importance for global and regional poverty estimates, the CPHS data help fill an important gap," the report stated.
The report has projected that poverty reduction will be further hindered in 2022 as the war in Ukraine, the growth slowdown in China, and inflating food and energy prices have taken a toll on global growth.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
