The rapidly-growing economy is pulling 44 people out of ‘extreme poverty’ every minute, leaving 78mn still in its clutches. Thanks to the feat, Nigeria has replaced India as home to the largest number of poor according to International Monetary Fund’s world economic outlook.
The study is bad news for Africa, which currently houses two-thirds of the world’s extreme poor, but will see it grow to nine-tenths by 2030 if current trends persist. In Nigeria, there are 87mn people living in extreme poverty, growing at the rate of 6 people/minute. Thirteen other countries out of a total 18, which show growing extreme poverty rates, are in Africa.
But maintaining the momentum will be a tough job for India. Speaking of plans to continue, India could fast drop further in the ranks, going to Number-3 by this year end, with Congo overtaking it. In fact, less than 3% of Indians are expected to be poor by 2022, and extreme poverty might be non-existent by 2030. ‘Extreme poverty’ has been defined as living on less than $1.9 (Rs. 130) a day.
Did you expect this?