According to the World Bank, less than 10% of the world's population will live in extreme poverty first time ever by the end of 2015. The bank will take a step closer to its said goal of global extreme poverty eradication by 2030.
The World Bank has used a new poverty line, and has estimated that the global population living in poverty will drop to 702 million people in 2015, which is nearly 9.6% of the population. In the year 2012, 12.8% or around 902 million people lived under extreme poverty across the globe.
The international financial institution has changed its global poverty line from $1.25 to $1.90 to reveal the inflation and changes in purchasing power worldwide.
In a statement, Jim Yong Kim, the president of the World Bank, said, "This is the best story in the world today - these projections show us that we are the first generation in human history that can end extreme poverty".
Yong has given the credit to investments done into education and social safety nets for the remarkable reduction in poverty around the world. But, he has mentioned that still there are certain difficult hurdles that need to be overcome before reaching this ambitious goal.
He cautioned that poverty has become more deeply entrenched in conflict zones and countries that rely on commodity exports. Furthermore, he mentioned that poverty is still a pressing issue in Sub-Saharan Africa and South Asia, although rates are likely to drop in both regions.