Extreme poverty rates are falling rapidly worldwide: World Bank chief

Extreme poverty rates are falling rapidly worldwide as many countries had made progress in boosting incomes of citizens, World Bank President Jim Yong Kim announced Monday.

Ahead of the World Bank and International Monetary Fund Annual Meetings, Kim said countries had to make more effective investments in people, as it would determine the very future of nations.

He further said the world is living unordinary times, so World Bank would not rely on ordinary measures, as it plans to help countries build resilience against severe shocks that threaten to roll back decades of progress against poverty.

World Bank’s president further said the world is witnessing the highest number of developing countries suffering from recession since 2009.

Nearly 1.1 billion people have escaped extreme poverty since 1990. From 2012 and 2013, around 100 million people were lifted out of extreme poverty, which is equivalent about 250,000 people every day or 200 people every minute.