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Building back from COVID-19 – Creating economic opportunities for the poorest

Image It is increasingly apparent that the costs of COVID-19 will be borne disproportionately by poorer segments of society, especially in lower income countries. Women, children and displaced populations have been hardest hit. This crisis – more so than other crises before  – requires scalable solutions for the world’s poorest. For many countries, this presents unchartered territory. Just over one decade ago, the world was beset by the triple threat of the Food, Fuel and Financial Crisis. Back then, scalable response options for the poorest looked quite different. To a large extent, national social safety net programs were just taking off across low income countries. Concerted efforts to build and restore human capital - i.e. the knowledge, skills and health that people need to realize their potential – were not the central part of recovery efforts.  Cross-sector solutions remained a challenge. The evidence base on what works for the poorest lacking.

Kenya Ranked Third Poorest Lower-Middle-Income Country Globally | Jisomee Habari za Udaku, Siasa, Mapenzi na Michezo

Kenya Ranked Third Poorest Lower-Middle-Income Country Globally Kenya is ranked the third poorest lower-middle-income country globally in a new study released by the World Bank. The World Bank State of Economic Inclusion Report 2021 has shown that more than forty per cent of Kenyans currently live in extreme poverty. The level of poverty is approximately 10 times higher than in Pakistan and Egypt which are also categorised as lower-middle income economies. Zambia is the poorest with 61 per cent of its citizens living in poverty followed by Nigeria at 58 per cent while Côte d’Ivoire is fourth at 30 per cent. Zimbabwe has a low poverty rate of 23 per cent but has a high poverty headcount at almost 80 per cent of it’s total population.

Kenya Worse Than Zimbabwe in Extreme Poverty - World Bank

Kenya Worse Than Zimbabwe in Extreme Poverty - World Bank Report Logo at the entrance of World Bank Building in Washington DC, USA. File Kenya has been ranked as the third poorest lower-middle-income country globally according to the latest report released by the World Bank titled State of Economic Inclusion Report 2021. The report revealed that over 40 percent of Kenyans live in extreme poverty, 17 percent higher than Zimbabwe which has previously been regarded as one of the poorest countries in the world. Zimbabwe has 23 percent of its population living in extreme poverty.  An aerial photo of Nairobi Eddy Mwanza Zambia was listed as the poorest lower-middle-income country with a poverty rate of 61 percent. Nigeria followed closely with 58 percent. Kenya was third while Cote d Ivoire emerged fourth with 30 percent.

Four revealing observations from the new State of Economic Inclusion Report 2021

Four revealing observations from the new State of Economic Inclusion Report 2021 These interventions are key to helping the poorest and vulnerable people escape the cycle of poverty by boosting their incomes  and assets, and helping them gain productive employment and build sustainable livelihoods. However, there lacks an organized effort to gather evidence of impact, discussions of efficacy, cost and trade-offs, and feasibility to scale up such programs at the global level. The report is an effort to remedy this significant knowledge gap, and presents for the first time a systematic review of economic inclusion programs around the world, and helps shed light on how countries can further build on investments in social protection, jobs and livelihood, and financial inclusion to help the poorest transition to livelihoods and build a future for themselves.

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