Every 1.2 seconds, someone escapes extreme poverty.
Definition of extreme poverty: Living on less than $1.90 per day (World Bank).
Absolute poverty rates have decreased faster in the past 30 years than ever before.
Key Achievements
Significant reduction of poverty rates, largely driven by changes in China and India.
India: Extreme poverty rate dropped to 21%.
China: Extreme poverty rate dropped to less than 2%.
Factors Contributing to Poverty Reduction in Asia
Increased productivity in agriculture.
Mass urban migration from rural to urban areas.
Transition from rural agriculture to city-based factory jobs.
Challenges in Sub-Saharan Africa
Over half of the world's poorest people live in sub-Saharan Africa.
Poverty rate drop from 54% (1990) to 41% (2013), but total number of poor increased due to population growth.
1990: 276 million poor people.
2013: Almost 400 million poor people.
Population expected to reach 2 billion by 2050, with a large portion extremely poor.
Barriers to Poverty Reduction in Sub-Saharan Africa
Fast urbanization not leading to poverty reduction like in Asia.
Lack of infrastructure, public transport, and essential services in cities.
Rapid population growth strains resources limiting opportunities for jobs and education.
Many live far below the poverty line, complicating poverty alleviation efforts.
Conclusion
While Asia’s model of urban migration and industrialization has been successful, replicating this in sub-Saharan Africa presents significant challenges due to infrastructure and resource constraints.