Technological and Societal Innovation is key to beating poverty

Bill Gates the challenge of eliminating extreme poverty, which used to be defined as living on less than a $1.90 per day. The World Bank remains committed to achieving the goal of ending extreme poverty by 2030.

Innovation is the key to beating extreme poverty and societal poverty. Progress on agricultural productivity, infrastructure and other technology.

The share of the world’s population living in extreme poverty fell to 10 percent in 2015, but the pace of extreme poverty reduction has slowed.

Over 1.9 billion people, or 26.2 percent of the world’s population, were living on less than $3.20 per day in 2015. Close to 46 percent of the world’s population was living on less than $5.50 a day.

There has been great progress but current trends show that the world would still have about 500 million people in extreme poverty in 2050. This would be about 5% of the world population. About 80% would in Sub-sahran Africa. 40% would in Nigeria and Congo. Most of the extreme poor in Nigeria would be in northern Nigeria.

The World Bank notes that 45% of the world is still poor. Living on less than $3.20 per day reflects poverty lines in lower-middle-income countries, while $5.50 a day reflects standards in upper-middle-income countries.