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‘Poverty and Shared Prosperity 2020: Reversal of Fortune’

Published on October 10, 2020
Current Context: World Bank Group has released a Biennial report titled ‘Poverty and Shared Prosperity 2020: Reversal of Fortune.
‘Poverty and Shared Prosperity 2020: Reversal of Fortune’
  • As per the data of the report, around 150 million people will be pushed into extreme poverty by the end of 2021 because of COVID-19 pandemic.
  • Around 88 million to 115 million will be pushed to extreme poverty due to this COVID-19 pandemic in 2020. 
  • This report states that this time it is first to rise in extreme poverty percentage in the past 20 years.
  • The aspects which lead to an increase in global poverty are: COVID-19, Armed Conflicts and Climate Change. 
  • Around 82% of people from middle-income countries will be dragged into extreme poverty.
  • In order to reduce poverty, the World Bank has suggested that nations need to limit and stop COVID-19 and must provide economical support to households to uplift their economies.
  • Static Part: 
    • HQ of World Bank: Washington DC, US
    • President of World Bank: David Malpass

Question: 

Q.1 Which of the following organisation released a report titled as ‘Poverty and Shared Prosperity 2020: Reversal of Fortune?
a. Asian Development Bank
b. World Trade Organisations
c. World Bank
d. International Monetary Fund
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