A new report by the World Bank paints an alarming picture: Around 700 million people, or 8.5 percent of the global population, are enduring extreme poverty, and 3.5 billion people live in pathetic conditions. The Covid-19 exacerbated these conditions, halting progress and increasing fragility.
Sub-Saharan Africa, home to 16 percent of the world's population, accounts for 67 percent of those in extreme poverty.
Projections for 2030 are bleak, with 622 million people expected to remain in extreme poverty and only 69 million anticipated to rise above it globally, according to Poverty, Prosperity, and Planet Report 2024.
This is a sobering revelation that should force any African to stop and ask why the region is backsliding and what must be done to ensure prosperity for its people.
The report gives some hints that need to be amplified.
First, it is crucial to comprehend the interconnected challenges of poverty, inequality, and environmental sustainability.
The report emphasises that these issues are not isolated but rather profoundly intertwined. Progress in one area often has significant implications for the others.
For instance, environmental degradation can exacerbate poverty and inequality, while efforts to alleviate poverty can increase resource consumption and ecological stress if not managed well.
Second, addressing these issues urgently within global development is paramount, particularly considering the ongoing impacts of climate change and economic disparities.
These demands promoting integrated policies, strengthening resilience, fostering international co-operation, and prioritising vulnerable populations. The report emphasises that creating a more sustainable and equitable future in the face of ongoing climate change and economic disparities is possible.
Third, the importance of data-driven insights and evidence-based policies to inform decision-making and foster inclusive growth cannot be overstated.
To achieve this, Africa must improve data availability and quality. Policymakers can employ household surveys, data disaggregation, and Technology to develop focused and practical measures that address the linked concerns of poverty, inequality, and environmental sustainability.
This strategy improves policy efficacy and encourages responsibility and inclusivity in the development process.
Lastly, governments must embrace collaborative efforts with other stakeholders to create sustainable solutions that alleviate poverty and promote prosperity while safeguarding the planet for future generations.
In fostering multi-stakeholder partnerships, engaging local communities, leveraging public-private collaboration, and promoting transparency, governments can enhance the effectiveness of their initiatives and work towards a more sustainable and equitable future.
The findings show that between 1990 and 2020, there was an increase in the income share of the top 10 percent earners in various countries, indicating a widening gap between the wealthiest and the rest of the population.
Countries such as Bulgaria and Romania have experienced notable increases, reflecting disproportionate benefits to the most affluent segments.
This persistent trend of increasing income concentration among top earners raises concerns about social equity and economic stability, highlighting the need for policies that promote more equitable wealth distribution.
The report introduces two visionary concepts to address these disparities: shared prosperity and building a liveable planet. Shared prosperity ensures economic growth benefits all segments of society, particularly the poor and marginalised.
It advocates for equitable wealth and opportunities, reducing inequality and improving living standards. Shared prosperity is intertwined with eradicating extreme poverty and promoting a liveable planet.
Key dimensions include fostering inclusive economic growth, addressing income inequality, providing equitable access to essential resources such as education, healthcare, and social services, balancing economic development with sustainability, and promoting social inclusion.
In essence, it means fostering policies that empower marginalised groups and ensure their voices are heard in decision-making, thereby creating a more just and equitable society where everyone can thrive.
A liveable planet envisions a world where environmental health, social equity, and economic opportunity coexist harmoniously. This vision aims to create a safe, healthy, and sustainable environment for current and future generations. Addressing climate change, preserving biodiversity, and protecting natural ecosystems are integral to this vision.
Proactive measures are needed to mitigate risks associated with climate-related hazards, such as extreme weather events. Ensuring access to essentials like clean water and nutritious food is also crucial.
The concept recognizes the interconnectedness of social, economic, and environmental factors, necessitating integrated approaches to achieve a prosperous, sustainable, and equitable future.
Monitoring goals of poverty reduction, shared prosperity, and environmental sustainability may seem like a complex task, but it is necessary to comprehensively address the continent's poverty situation.
Survey data is essential for tracking progress across Sustainable Development Goals (SDGs), including poverty, hunger, health, education, and gender equality.
Further, Technology and innovation can enhance monitoring capabilities, enabling more responsive and adaptive policymaking. Regular reporting and evaluation are necessary to stay informed about achievements and challenges.
Engaging communities and stakeholders in the monitoring process ensures that efforts are grounded in the realities faced by those most affected by poverty and environmental challenges.
The report underscores the urgency of tackling the intertwined challenges of poverty, inequality, and environmental sustainability. It highlights the necessity of data-driven and inclusive policies, international cooperation, and multi-stakeholder partnerships to create a more equitable and sustainable future.
The writer is Kenya’s Ambassador to Belgium, Mission to the European Union, Organization of African Caribbean and Pacific States and World Customs Organisation.
Unlock a World of exclusive content, up to 75% off!Unlock a World of exclusive content, up to 75% off!
