The World Bank reported last month that for the first time in world history, extreme poverty will likely fall below 10% of the global population this year. This is encouraging and provides strong evidence that the goal of eradicating extreme poverty worldwide by 2030 is achievable. World Bank Group President Jim Yong Kim said,
This is the best story in the world today — these projections show us that we are the first generation in human history that can end extreme poverty…This new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the most effective strategies to end extreme poverty. It will be extraordinarily hard, especially in a period of slower global growth, volatile financial markets, conflicts, high youth unemployment, and the growing impact of climate change. But it remains within our grasp, as long as our high aspirations are matched by country-led plans that help the still millions of people living in extreme poverty.
Poverty continues to be concentrated in Sub-Saharan Africa and South Asia, yet both have seen reductions in poverty: South Asia dropped from 18.8% in 2012 to 13.5% in 2015 and Sub-Saharan Africa dropped from 42.6% in 2012 to 35.2% in 2015.
This is one of the greatest stories never told.