More than 700 million people worldwide live in extreme poverty with less than USD2.15 a day. Progress has essentially plateaued amid lower economic growth and the impacts of COVID-19 and other crises. Extreme poverty today is mostly concentrated in Sub-Saharan Africa and fragile settings. At a higher standard more typical of upper middle-income countries - USD6.85 per day -- almost half of the world is living in poverty. In fact, the number of people living under USD6.85 has barely changed since 1990. Progress on shared prosperity also has halted. Worldwide, people's incomes today would need to increase five-fold to reach a minimum prosperity threshold of USD25 a day. High levels of inequality, particularly in Africa and Latin America, are hindering the ability of economic growth to boost the incomes of the poor. Nearly 1 in 5 people are at risk from climate-related hazards globally, meaning they are likely to experience a severe climate shock in their lifetime that they will struggle to recover from. Without action, the catastrophic consequences of climate change for future human and planetary well-being will only increase. While the effects of climate change are already being felt today around the globe, negative impacts will only grow larger in the future. Poverty, Prosperity, and Planet Report 2024 is the latest edition of the series formerly known as Poverty and Shared Prosperity. At this critical juncture, the Report reveals that a new approach to development policy is essential to eradicate poverty and boost shared prosperity on a livable planet. Growth remains key, but it needs to be faster, more inclusive, and greener. This requires massive transformations. The world is implementing solutions, but not fast enough. Nor is the process simple. Accelerating inclusive and greener growth is complex and involves short-term trade-offs that need to be understood and managed. The interconnected issues of climate change and poverty call for a united and inclusive effort from the global community. Development cooperation stakeholders--from governments, organizations, and the private sector to communities and citizens acting locally in every corner of the globe - hold pivotal roles in promoting fair and sustainable transitions. By emphasizing strategies that yield multiple benefits and diligently monitoring and addressing trade-offs, we can strive towards a future that is prosperous, equitable, and resilient.
The Poverty, Prosperity, and Planet Report 2024<