The World Bank is an international financial organization founded in 1945 to provide financial and technical assistance to developing countries. Today, its main goals are to reduce poverty and build shared prosperity.
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.
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.
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.