Tag Archives: Data-driven

Economic inclusion programs: A springboard out of extreme poverty

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As the world grapples with the pandemic, the new State of Economic Inclusion peileaderreport points to paths out of poverty for the poorest and most vulnerable.

For the first time in two decades, extreme poverty is rising around the world, as COVID-19 threatens to erode years of hard-won progress.   The World Bank estimates that the economic fallout from the pandemic may add as many as 150 million extreme poor by 2021. Women, children, displaced populations, and people with disabilities have been particularly hard hit.

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Tracking an Unprecedented Year for Businesses, Everywhere

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STORY HIGHLIGHTS

Woman worker in leather goods factory in Bogota, Colombia

Woman worker in leather goods factory in Bogota, Colombia

  • Nearly every business in the world has been affected by COVID-19—in different ways. While one-fourth of companies saw sales falling 50 percent in October-January from pre-pandemic levels, a third said their sales increased or stayed the same.
  • To capture the impact of the pandemic on firms’ performance, the World Bank launched ongoing surveys with more than 120,000 firms in over 60 countries. The assessment is expected to help inform recovery efforts.
  • Developing countries have introduced multiple support programs, but businesses most affected by the shock—small firms and those in poorer countries—were the least likely to receive government support.

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Firms struggle to stay afloat after losing half of sales, but still keep workers

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Firms and workers in every part of the world have been affected by the COVID-19 shock. The simone_d._mccourtie_world_bank_turkey_2009-1000ILO estimates global labor income has declined nearly 11% or US$3.5 trillion in the first three quarters of 2020. As a result of income losses, our colleagues in the World Bank estimate that as many as 150 million people could be pushed into extreme poverty by 2021. Without timely assistance and swift policy action, otherwise healthy firms will be shuttered permanently, and people will suffer longer.

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