These countries are India where 24% of the world’s poor live, Nigeria, and Congo which accounts for 12%, and 7% of poor people can be found.
The World Bank added that global economic growth could rebound next year however the number of people living in extreme poverty will remain unchanged after the huge economic impact due to the coronavirus pandemic.
The bank said three countries where the highest number of the world’s extremely poor are not expected to grow faster than their population. This means that extreme poverty will remain at high 2020 levels through 2021.
The projection follows the World Bank’s assertion that the coronavirus pandemic could lead between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.
Before the pandemic, extreme poverty – defined as living on $1.90 per day – had been decreasing.
The bank expects growth to rebound by 4% in 2021.
“Nigeria, India and the Democratic Republic of Congo — three countries which we project are home to more than a third of the world’s poor – are predicted to have per-capita growth rates in real GDP of –0.8 per cent, 2.1 per cent and 0.3 per cent, respectively.”
“With population growth rates of 2.6 per cent, 1.0 percent, and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount,” the World Bank said in a blog.
The bank warned “South Asia may see a larger increase in the number of poor as a result of COVID-19,” particularly in India.
The Washington-based development lender said out of the 176 million people expected to fall below the $3.20 per day poverty line, two-thirds are in South Asia.