Her termination extreme poverty finally, it could be reached by 2050 thanks to economic growth in low-income countries, according to a new economic outlook published by The Guardian.

Although pandemic COVID-19 has begun to reverse progress in ending extreme poverty, and with further challenges expected, the damage may have a very limited impact on the overall economic growth path, according to a report from the Center for Global Development (CGD).

“We know that the world will be very different in 2050 and climate change is a huge challenge for the future,” he said. said Charles Kenny, senior fellow at CGD and one of the report’s authors. “But we cannot allow this to overshadow the fact that continued economic growth should leave almost no trace of the extreme poverty that has been the lot of the vast majority of mankind for most of history, even though it could be eliminated within a decades.”

Kenny stated that inequality is likely to remain and poverty will still exist. but higher growth rates should mean that most people will have stable jobs and incomes. He added that by 2050, no country will be classified as a low-income country, which is currently defined as a country with a per capita income of $1,085 or less.

Kenny told The Guardian that he and his colleague Zak Jan have been collecting historical data on income, demographics, education and temperature to predict the future shape of the global economy.

Extreme poverty — living on less than $2.15 a day — is projected to fall below 2% globally by 2050, from about 8% in 2022. In Africa, where it is highest, it will drop from 29% to 7%.

By 2050, more than two-thirds of the world’s population will be able to live on more than $10 a day, up from 42% today.

The authors predicted much slower growth in high-income countries over the next two decades, with GDP per capita growing by only about 20% compared to 2019 and doubling in low- and middle-income countries.

Ratin Roy, chief executive of ODI’s foreign affairs think tank, told the Guardian that Kenny’s predictions are feasible “if everyone does the right thing.”

“What we’ve been seeing for the past 100 years is that people haven’t followed best practices.” He said. “For most of my adult life, global poverty has been on the decline until three years ago it started to rise due to various factors, including the COVID pandemic. And it is very difficult to reduce it again.”

Roy said it was important for countries to take care of the less fortunate. The fact that poverty still exists in countries like the UK and the US shows that more than just economic growth will be needed.

“Achieving a high level of income alone is not enough. If that were the case, children would not go to school hungry. People would not suffer from lack of medical care and loss of jobs. And we wouldn’t have the poverty, homelessness, and food banks that we see in countries with a per capita income of $44,000,” he said.

Kenny stressed that predicting the future of the global economy is useful because it helps us think about what issues like poverty or military spending might look like in the future and adjust the discussion around them.

He expressed concern that his projections show little growth in rich countries – an aging population could lead them to adopt isolationist and authoritarian policies in response to a recession – but overall he is optimistic.

“If you look at demographic trends, it all looks pretty positive for low- and middle-income countries in general. Therefore, I am more firmly optimistic about them, with the caveat that some of them depend on what rich countries will do, as well as on unknown factors,” he said.

Source: Guardian