Friday, June 10, 2016

Doom and Gloom

The International Labour Organisation (ILO) stated that at least 36% of young and developing countries of the world live in extreme poverty, with a daily wage of below US$ 3.10 purchasing power parity (PPP).

The finding shows that about US$ 600 billion is needed annually or almost US$ 10 trillion in total in the next 15 years to come, to eradicate extreme2 and moderate3 poverty worldwide by 2030.

 Raymond Torres, ILO special advisor on social and economic issues stated: “Right now, while 30 per cent of the world is poor, they only hold 2 per cent of the world’s income.”  Torres explained further that the research likewise discovered that high rates of income inequalities reduce the effect of economic growth on poverty reduction, saying: “This finding tells us that it is past time to reflect on the responsibility of rich nations and individuals in the perpetuation of poverty. Accepting the status quo is not an option.”