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TARGET: Halve, between 1990 and 2015, the proportion of people whose income is less than $1 a day
Sustained growth in developing countries, particularly in Asia, is keeping the world on track to meet the poverty-reduction target
Robust growth in the first half of the decade reduced the number of people in developing countries living on less than $1.25 a day from about 1.8 billion in 1990 to 1.4 billion in 2005. At the same time, the corresponding poverty rate dropped from 46 per cent to 27 per cent. The economic and financial crisis that began in the advanced countries of North America and Europe in 2008 sparked declines in commodity prices, trade and investment, resulting in slower growth globally.
Despite these declines, current trends suggest that the movement of growth in the developing world remains strong enough to sustain progress needed to reach the global poverty-reduction target. Based on recently updated projections from the World Bank, the overall
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