From the Overview: 'Poverty and Shared Prosperity 2020: Reversals of Fortune' provides new data on and analysis of the causes and consequences of this reversal and identifies policy principles that countries can use to counter it. The report presents new estimates of the impacts of COVID-19 (coronavirus [disease 2019]) on global poverty and shared prosperity. Harnessing fresh data from frontline surveys and economic simulations, it shows that pandemic-related job losses and deprivation worldwide are hitting already-poor and vulnerable people hard, while also partly changing the profile of global poverty by creating millions of 'new poor.' Original analysis included in the report shows that the new poor are more urban, better educated, and less likely to work in agriculture than those living in extreme poverty before COVID-19. These results are important for targeting policies to safeguard lives and livelihoods. The report discusses early evidence that the pandemic is deepening income inequality, threatening inclusive economic recovery and future growth. It shows how some countries are deploying agile, adaptive policies to reverse the crisis, protect the most vulnerable, and promote a resilient recovery. The 2020 'Poverty and Shared Prosperity' report breaks new ground by jointly analyzing three factors whose convergence is driving the current crisis and will extend its impact into the future: a pandemic (COVID-19 and the associated global economic recession, which are reversing poverty abatement trends rapidly), armed conflict (whose effects have been steadily building in recent years), and climate change (a slowly accelerating risk that will potentially drive millions into poverty)."
2020 International Bank for Reconstruction and Development / The World Bank. Posted here with permission. Document is under a Creative Commons license and requires proper attribution and noncommercial use to be shared: [http://creativecommons.org/licenses/by/3.0/igo]
World Bank Group Open Knowledge Repository: https://openknowledge.worldbank.org/