'This issue is getting bigger with tensions in Eastern Europe continuing to rise.'
The new report 'Poverty and Shared Prosperity' published by the World Bank Group sees the goal of eradicating extreme poverty by 2030 on the brink of failure.
Summarizing the report, the impact of the spread of Covid-19 and the effects of the war in Ukraine have triggered problems such as a slowdown in growth in China and a spike in food and energy prices.
It indirectly inhibits the ongoing efforts of world bodies to ensure that extreme poverty in developing countries is reduced.
As proof, the Covid-19 pandemic has caused more than 71 million people to live in poverty during 2020.
For perspective, that means 719 million people or 9.3% of the world's population live on just $2.15 a day.
Based on those calculations, it is also estimated that 574 million people or 7% of the world's population will remain on the same income by 2030, especially in Africa.
Commenting on the grim report, World Bank President David Malpass called for policy changes to boost growth and re-stimulate efforts to eradicate poverty.
He also said the surge in inflation, currency depreciation and other external crises as a 'blow' to efforts to eradicate poverty.
Also reacting was the World Bank's own chief economist, Intermit Gill, who described failure to eradicate poverty as causing other problems.
Gill explained that failure to solve the problem of poverty can affect the economic activity of developed countries when people will flee to better countries to work.
