A report from World Bank released on Oct. 17 found that 3.4 billion people or nearly half of the world's population struggle to meet basic needs, living on a daily budget of between $3.20 and $5.50.
The Poverty and Shared Prosperity Report stated that more than 1.9 billion people or 26.2 percent of the world's population were trying to get by with a budget of $3.20 daily in 2015. About 46 percent of the world's population was living on less than $5.50 daily.
The report, titled "Piecing Together the Poverty Puzzle," said the budget of $5.50 a day already reflects the average needed budget of deprived people in upper-middle-income countries. The $3.20 a day reflects the average spending needed for the basic necessity of less fortunate individuals in lower-middle-income countries. Those who are living on a daily budget of less than $1.90 a day belong to countries with extreme poverty.
The finding of the World Bank report coincided with a study released by the United Nation which found that there are more than 815 million people who do not have enough to eat. Of those, 155 million children under the age of five or 23 percent are chronically malnourished. Hunger caused the death of one in two infants worldwide.
Meanwhile, World Bank noted that East Asian region reflected the largest reductions in extreme poverty among its population and decreased the number of people living on less than $3.20 and $5.50 daily.
Among developing nations, Europe and Central Asia reflected the lowest percentage of people struggling to make ends meet.
South Asia saw impressive growth in the incomes of people living in the poverty line.
The Middle East and North Africa, meanwhile, had more people living on less than $5.50 per day in 2015 compared in 1990.
Africa reflected the largest increases in the population who are living on less than $3.20 and more than $1.90.
While the World Bank remains committed to ending extreme poverty worldwide, the organization said that progress in the living condition across the most challenged economies could be improved if people learned the concept of "shared prosperity.
The report found that "shared prosperity" is at its weakest level in economies with the most number of people living in extreme poverty. Data in the research showed that only one in four low-income countries and four of 35 identified heavy-conflicted states practice the concept of "shared prosperity.
World Bank Group President Jim Yong Kim said the institution is extremely committed in ending extreme poverty by 2030. The organization also aims to boost "shared prosperity" among countries worldwide.
