The United Nations' Sustainable Development Goal of eradicating extreme poverty for all people by 2030 is facing an uphill battle, according to the latest data. Despite remarkable progress in reducing poverty over recent decades, the momentum has slowed, and the COVID-19 pandemic has erased years of hard-won gains. What this really means is that the world is far off track to meet this crucial target, with the burden falling heaviest on sub-Saharan Africa and conflict-affected regions.
A Widening Chasm of Inequality
Even before the pandemic struck, the UN was warning that if current patterns persisted, around 575 million people - or 7% of the global population - could still be trapped in extreme poverty by 2030. Now, the latest estimates suggest that by the end of 2022, as many as 670 million people, or 8.4% of the world's population, could be living on less than $2.15 per day. This effectively erased three years of progress in poverty alleviation.
The bigger picture here is that the world is not only failing to lift people out of destitution, but the chasm of inequality is actually widening. While advanced economies have been able to invest in essential services like education, health, and social protection, emerging and developing nations continue to lag behind, leaving their most vulnerable populations exposed.
Integrated Strategies Needed
Experts agree that a holistic, joined-up approach is needed to tackle the multifaceted drivers of poverty. The UN's Multidimensional Poverty Index looks beyond just income, examining access to education, healthcare, clean water, and other basic needs. This paints a more nuanced picture, showing that even countries making progress on paper still have pockets of acute deprivation.
Successful examples like Nepal and India, which have used integrated poverty reduction strategies, demonstrate that significant progress is possible. But to get the world back on track, a surge of action and investment will be required - not just to enhance economic opportunities, but to extend social protection to the most marginalized groups. As the UN Secretary-General has emphasized, "Humanity is strongest when we stand together" in tackling these complex, interconnected challenges.