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Find strategies for poverty eradication in the developing economies

Poverty is a public adversary; governments and the United Nations are aware of it (UN). The United Nations has devised a plan to lessen, if not totally eliminate, poverty from the face of the Earth. The United Nations General Assembly, which is made up of member states, agreed on a sustainable development target to replace the Millennium Development Goals (MDGs).

Read an article written by Mourad Wahba for one of the United Nations’ development organizations.

Since the Great Depression of 1929, we are experiencing the most devastating socio-economic crisis in contemporary history, both in terms of amplitude and depth. The International Monetary Fund’s (IMF) most recent economic growth estimates show that further growth is projected.

When it comes to human growth, the world has achieved remarkable progress during the last three decades. Over a billion people have been lifted out of poverty. Despite progress, we noticed that by 2018, the rate of poverty reduction had slowed. According to estimates, 6% of the global population would still be living in extreme poverty by 2030, falling short of the SDG aim of eradicating poverty.

And, according to the global Multidimensional Poverty Index, 1.3 billion individuals in 101 nations are multidimensionally poor. Two-thirds of the multidimensionally poor lived in middle-income nations, with huge differences between them.

We know that the epidemic is affecting the geography of poverty, based on existing facts. 

While the situation will be most serious in low-income and fragile nations, Covid-19 has demonstrated that all countries are grappling with the effects on the most vulnerable and disadvantaged – including the poorest people.

The poorest people in both developed and developing countries are the ones who are most affected by the pandemic’s health effects and are least able to cope with its socioeconomic consequences. 

Women, low wage, informal laborers, migrants, and refugees are among the most vulnerable to income loss around  the world

Women make up the great majority of informal workers in developing countries.

Global human development, as a combined measure, according to UNDP estimates.

Governments are making hasty decisions to deal with the crisis, which will have major repercussions for SDG development or the prospect of attaining the goals in the following decade. 

Health care services; enhancing social protection and basic services; protecting jobs, SMEs, and supply chains; making fiscal and financial resources available for the reaction; and strengthening social cohesion and community action are among the decisions made.

These categories correspond to the UN Socioeconomic Framework’s five pillars for the immediate Covid-19 reaction, which was launched at the end of April. 

The UN is assisting in the drafting of a series of country evaluations on the socioeconomic consequences of Covid-19, including rapid and in depth analyses of affected economic sectors and population categories, as part of this endeavour.  Until now,

In addition, the rise in gender-based violence highlights the need to address the deeper and intersectional drivers of gender discrimination and bias, which are embedded in social norms, laws, policies, and everyday behavior. 

Data on the increase of GBV can help countries tailor their responses.

Third, we have seen around the world – that the social contract between the state and the population is eroding in many countries. 

We also see systematically poor judicial systems, which hinder many people’s access to justice and protection of human rights. 

The politicization of government responses may exacerbate political tensions. 

Weak and inconsistent government actions could erode the social compact and confidence even more.

Fourth, we must continue to make the commercial case for green economy investments in order to build effective policies.

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