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The World Bank updated the global poverty lines in September 2022. The decision follows the release in 2020 of new purchasing power parities (PPPs)—the main data used to convert different currencies into a common, comparable unit and account for price differences across countries.
In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries. [5] [6] In September 2022, the World Bank updated the International Poverty Line (IPL), a global absolute minimum, to $2.15 per day [7] (in PPP). In addition, as of ...
The World Bank defines poverty in absolute terms. The bank defines extreme poverty as living on less than US$1.90 per day. [2] , and moderate poverty as less than $3.10 a day. It has been estimated that in 2008, 1.4 billion people had consumption levels below US$1.25 a day and 2.7 billion lived on less than $2 a day.
The poverty line threshold of $1.90 per day, as set by the World Bank, is controversial. Each nation has its own threshold for absolute poverty line; in the United States, for example, the absolute poverty line was US$15.15 per day in 2010 (US$22,000 per year for a family of four), [ 22 ] while in India it was US$1.0 per day [ 23 ] and in China ...
In October 2017, the World Bank updated the international poverty line, a global absolute minimum, to $1.90 a day. [3] This is the equivalent of $1.00 a day in 1996 US prices, hence the widely used expression "living on less than a dollar a day". [ 4 ]
The World Bank Group is the globe's most prestigious development lender, bankrolling hundreds of government projects each year in pursuit of its high-minded mission: to combat the scourge of poverty by backing new transit systems, power plants, dams and other projects it believes will help boost the fortunes of poor people.
The October 2015 report notes that just over 900 million people (12.8 percent of the world population) were living in extreme poverty (less than $1.90 a day) in 2012, compared with 987 million (14.2 percent of the world population) in 2011. It also projects that by 2015 less than 10% of the world's population will fall under the poverty line.
The Lagos state government flattened Badia East in February 2013 to clear land in an urban renewal zone financed by the World Bank, the global lender committed to fighting poverty. The neighborhood’s poor residents were cast out without warning or compensation and left to fend for themselves in a crowded, dangerous city.