World Bank

Extreme global poverty is expected to rise in 2020 for the first time in over 20 years due to the disruption caused by the “extraordinary” coronavirus crisis, the World Bank has warned.

A new report by the World Bank reveals that Covid-19 delivered a “triple shock” to the developing East Asia and Pacific region, with as many as 38 million people expected to remain in, or be pushed back into, poverty as a result.

The Covid-19 pandemic will likely slow South Asia’s once-bustling economies to the lowest level seen in decades, the World Bank has warned in its latest report.

India, the second-most populous country in the world, has achieved annual growth exceeding 7 percent over the last 15 years and continues to pull millions of people out of poverty, according to the World Bank.

Ukraine is rated as one of the poorest countries in Europe and Central Asia when it comes to GDP per capita, according to the country’s key creditor, the World Bank.

The volume of money sent by foreign workers to their home countries reached a record-breaking $529 billion last year, and is set to become the main source of external financing for those states in 2019, the World Bank reports.