World Bank predicts coronavirus will push between 40 million and 60 million people into poverty


The World Bank is predicting a rise in global poverty in 2020 as a result of the coronavirus pandemic. If that holds true, it will be the first increase since 1998, Politico reports.
The international financial institution's economists believe the pandemic will push somewhere between 40 million and 60 million people into poverty, adding to the global rate, defined here as the percentage of the world's population living on less than $1.90 per day. The World Bank's "best estimate" is an increase of 49 million people. Sub-Saharan Africa is expected to be the region most affected.
Since 1998, the world has made relative progress in reducing the number of people who live in poverty, but the pandemic could wind up setting the trend back three years. "In the most pessimistic scenarios, global poverty in 2020 would be close to the level of 2017," the authors of a post on the World Bank's Data Blog wrote.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Before the pandemic, a decline in global poverty from 8.1 percent to 7.8 percent was projected for the year. Read more at Politico.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
What is Tony Blair's plan for Gaza?
Today's Big Question Former PM has reportedly been putting together a post-war strategy 'for the past several months'
-
When does autumn begin?
The Explainer The UK is experiencing a 'false autumn', as climate change shifts seasonal weather patterns
-
The rise of the performative male
Talking Point What the latest internet trope tells us about gender roles, dating and male illiteracy
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year