The coronavirus pandemic is expected to force 88–115 million people into extreme poverty this year, the
World Bank announced in its biennial report on global poverty. The total could rise to 150 million people next year.
This would be the largest increase since the bank began publishing the data in 1990, and it would end a
more than two-decade decline (WSJ) in extreme poverty, which is defined as living on less than $1.90 per day. South Asia and sub-Saharan Africa are the most affected regions, and the pandemic is also
increasing income inequality (NYT), the report said. The World Bank had been aiming to lower the global poverty rate to 3 percent by 2030, but it is now expected to be more than double that by then.