Bangladesh can end extreme poverty by 2030: World Bank

Asserting that Bangladesh has done an impressive job in reducing poverty over the last decade, the World Bank in its report on Monday said the country has the potential to end extreme poverty by 2030 if firm steps are taken to make growth more inclusive to benefit all.

Two new reports titled 'Bangladesh Development Update' and 'Poverty and Shared Prosperity 2016: Taking on Inequality' published today said that Dhaka is making sustained progress in poverty reduction and increasing opportunities, reports the Daily Star.

According to the reports, 28 million or 18.5 percent of Bangladeshis lived in extreme poverty in 2010 under the new USD 1.90 poverty line based on 2011 purchasing power.

 

Between the year 2000 and 2010, more than 16 million people in Bangladesh graduated from extreme poverty, the reports said.

To achieve the aim of reducing extreme poverty to less than three percent of Bangladeshis by 2030, the country will require an economic growth becoming more inclusive with the poorest 40 percent of society receiving greater benefits from development.

On the other hand, the reports also ranked Bangladesh the 64th poorest nation out of the 154 countries.

The development update stressed upon increasing resilience to security, financial and trade shocks along with weaker than expected global trade and growth.

The report pointed out the country needs to maintain its economic and remittances growth, create more and better jobs, focus on energy and transportation infrastructure, and make progress on improving the quality of health and education so that it moves to the next level and achieves its goals of becoming a middle income country by 2021 and overcoming extreme poverty by 2030.

As part of a global End Poverty Day campaign, World Bank president Jim Yong Kim is planning to visit Bangladesh later this month. His visit is intended to draw attention to Bangladesh's impressive record in dramatically reducing extreme poverty.

"I'm very much looking forward to seeing firsthand Bangladesh's progress in improving the livelihoods of tens of millions, empowering women, and enhancing the quality of education," Kim said.

He added that many developing countries in the world can learn important lessons from Bangladesh to reduce extreme poverty and to promote sustainable development.