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The World Bank reported that over half of the world’s population were struggling to meet their basic needs despite the global economic advances.
About 3.4 billion people are struggling to meet their basic needs for living with only less than $5.50 per day, according to the World Bank report.
People living with $5.50 per day show standards in upper-middle income countries while living less than $3.20 per day reflects poverty lines.
The report shows that the Philippines is one of the top countries among the poorest 40 percent of the population growing to an average of 4.7 percent in just five years.
“East Asia not only had the largest reductions in extreme poverty but also in the proportion of people living on less than $3.20 and $5.50 per day. While extreme poverty is very low, the region saw a higher percentage of people lacking access to sanitation,” the report said quoted by Philstar.
World Bank Group president Jim Yong Kim expressed the company’s commitment to end extreme poverty by the year 2030.
The reports also found that more than of the economies’ incomes grew faster than the average indicating global economic advances.
However, the progress in sharing prosperity lagged in some parts of the world but the World Bank will implement new measures to closely monitor poverty in all countries.
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