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Over 56 million Indians pushed into poverty in 2020 due to COVID-19: World Bank report

India accounts for 79% of the total increase in global poverty in 2020: World Bank

As the COVID-19 pandemic engulfed the world, it has claimed many lives, virtually brought industries to a standstill and disrupted global economic activity.

The latest World Bank report suggested that the pandemic would have pushed 71 million people across the world into extreme poverty in 2020 and about 79% of these people were from India.

Report Title”Poverty and shared prosperity 2022The pandemic proved to be a major blow to global poverty. It increased the global extreme poverty rate, which rose from 8.4 percent in 2019 to 9.3 percent in 2020.

By the end of 2020, 71 million people fell into extreme poverty, resulting in a total of more than 700 million people becoming poorer globally.

According to the World Bank, the most populous countries were the largest contributors to the increase in global poverty. It said that 56 million contributed to the estimated 71 million increase in the number of people living in poverty in India.

However, it highlighted that despite being the most populous country, China did not contribute much to global poverty growth in 2020. The country experienced a “moderate economic shock in 2020”.

On the other hand, the report said that India witnessed a “clear economic contraction” in 2020.

The report uses data from the Consumer Pyramid Household Survey (CPHS), conducted by the Center for Monitoring Indian Economy, a private data company.

The CPHS data was used to measure poverty, as the Indian government has not released official data on poverty since 2011. “Given the country’s size and importance for global and regional poverty estimates, the CPHS data help fill a significant gap,” the report said. ,

The report forecasts that poverty reduction will be further hampered in 2022 as the war in Ukraine, growth slowdown in China, and rising food and energy prices have taken a toll on global growth.

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