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COVID, climate and conflict conspire to push up poverty
(Reuters, 8 Oct 2020) A triple threat of coronavirus, climate change and conflict means an ambitious goal to end extreme poverty by 2030 looks increasingly unlikely, the World Bank says.
Extreme poverty will rise for the first time this century as COVID-19 hammers the global economy, the World Bank said on Wednesday, predicting the pandemic could spawn 115 million "new poor" this year alone.
A triple threat of coronavirus, climate change and conflict means an ambitious goal to end extreme poverty by 2030 looks increasingly unlikely, it said in its "Poverty and Shared Prosperity" report.
Coronavirus is also changing the profile of the extreme poor, with analysis finding the new poor were more likely to be urban, better educated, and less likely to work in agriculture.
"This is the worst setback we have witnessed in a generation," Carolina Sanchez-Paramo, global director of the World Bank, said in a conference call.
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