Original Answers Only According To The World Bank And Intern
Original Answers Onlyaccording To the World Bank And Internationa
Original Answers Onlyaccording To the World Bank And Internationa
ORIGINAL ANSWERS ONLY!!!!! According to the World Bank and International Monetary Fund (IMF), over one billion people in the world today are caught in the poverty trap. Identify key economic, social, or political reasons why some people within the developing world live on $1 a day. Next, determine at least three (3) possible economic, social, or political steps that developing countries overall can take to extricate their poor citizens from this dilemma.
Paper For Above instruction
The persistent issue of extreme poverty, defined as living on less than $1 a day, remains a significant challenge for many developing countries worldwide, with over a billion individuals trapped in this cycle according to the World Bank and IMF. Addressing this issue requires understanding the underlying economic, social, and political causes that perpetuate such hardship and identifying strategic steps that can be taken to alleviate these conditions.
Root Causes of Extreme Poverty
Economic factors are primary contributors to poverty. Many developing countries suffer from inadequate economic infrastructure, limited access to credit, and poor diversification of their economies. Such conditions hinder job creation and productivity, trapping individuals in subsistence farming or informal sectors that offer minimal income. Unemployment and underemployment are widespread, exacerbating poverty levels.
Social issues also play a significant role. Limited access to quality education and healthcare deprives individuals of opportunities to improve their socioeconomic status. For example, children who do not attend school due to financial constraints or social barriers are less likely to acquire the skills necessary for better-paying jobs as adults. Discrimination based on gender, ethnicity, or social class can further marginalize vulnerable populations, limiting their prospects for economic advancement.
Political instability and weak governance are additional critical factors. Corruption, lack of effective policy implementation, and inadequate social safety nets prevent the equitable distribution of resources and hinder development efforts. In some cases, conflict and violence displace communities, stripping them of their livelihoods and access to services, which deepens poverty cycles.
Strategies to Alleviate Poverty
To address the multidimensional nature of poverty, developing countries must implement comprehensive strategies. First, investing in education and healthcare can enhance human capital. Policies that ensure universal access to quality education and basic healthcare services enable individuals to acquire the skills and health necessary for productive work and economic participation. For instance, countries like Rwanda have seen improvements in poverty reduction through sustained investments in education and health programs (Rwanda Ministry of Education, 2020).
Second, promoting inclusive economic growth through infrastructural development is vital. Improving transportation, communication, and energy infrastructure can stimulate local economies, create jobs, and attract investment. Microfinance initiatives can empower entrepreneurs, especially women, to start small businesses and improve household incomes (World Bank, 2018).
Third, strengthening governance and political stability is crucial for sustainable poverty reduction. Transparent governance, anti-corruption measures, and effective social safety nets ensure that resources benefit the poor and vulnerable segments of society. In countries like Chile, social policies targeting income redistribution have contributed significantly to narrowing poverty gaps (OECD, 2019).
Conclusion
Addressing extreme poverty requires a multidimensional approach that tackles economic, social, and political barriers simultaneously. Strategic investments in human capital, infrastructure, and governance can create pathways out of poverty for millions of individuals living on less than $1 a day. As developing countries continue to pursue these reforms, progress towards reducing global poverty can be accelerated, contributing to more equitable and sustainable growth.
References
- Rwanda Ministry of Education. (2020). Education sector strategic plan. Rwanda Education Board.
- World Bank. (2018). World Development Report 2018: Learning to Realize Education’s Promise. World Bank Publications.
- OECD. (2019). Poverty and Inequality: The Chilean Experience. Organisation for Economic Co-operation and Development.
- United Nations. (2020). Sustainable Development Goals Report 2020. UN.
- IMF. (2021). The Impact of Economic Policies on Poverty Reduction. International Monetary Fund.
- Banerjee, A., & Duflo, E. (2011). Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty. PublicAffairs.
- Friedman, M. (2005). Capitalism and Freedom. University of Chicago Press.
- Sen, A. (1999). Development as Freedom. Oxford University Press.
- World Economic Forum. (2020). Global Risks Report 2020. WEF.
- OECD Development Centre. (2021). Tackling Global Poverty: Policies for a Sustainable Future.