Some good news. Since 1990, the number of people worldwide living in absolute poverty – the World Bank defines this as people surviving on less than $1.25 a day – has fallen by about half a billion.
What’s changed? In large part, the answer is China. Its absolute poverty fell from about 60% in 1990 to only around 16% in 2005. India, too, saw some progress, as poverty fell from 60% to 42%.
China and India lead what a new report, Perspectives on Global Development: Shifting Wealth, calls the “converging” countries – about 65 poor and middle-income economies that have grown twice as fast as richer OECD ones over the past 20 years. Wealth is shifting to previously lagging regions and is helping to reduce absolute poverty.
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