Context: The article centered on the findings of the newly released Poverty, Prosperity, and Planet Report 2024: Pathways Out of the Polycrisis, which provides the first post-pandemic global assessment of poverty and shared prosperity.

• Report aims to provide a framework that can manage the trade-offs and deliver the best possible outcomes on the three corners of the iron triangle of economic development – Poverty, Prosperity, and Planet.

Key findings of the Report

• Stalled Global poverty reduction: It has slowed to a near standstill during past 5-years impacted by ‘polycrisis’.

• Polycrisis refers to a situation where the multiple crises of slow economic growth, increased fragility, climate risks, and heightened uncertainty have come together at the same time - making national development strategies and international cooperation difficult.

• Non-attainment of targets: Global population living in extreme poverty is projected to be 7.3% in 2030 (8.5% in 2024). This is double the World Bank target of 3% and farther from the elimination target of UN SDGs.

• Global Prosperity Gap: Stalled progress since pandemic, highlighting slowdown in inclusive income growth.

• Prosperity Gap is the average factor by which incomes need to be multiplied to bring everyone in the world to the prosperity standard of $25 per person per day.

• India: Significant fall in Indians living in extreme poverty from 431 million (1990) to 129 million (2024).

• Currently, World Bank defines extreme poverty as living on less than $2.15 per person per day.

Proposed Pathways and Priorities

• Faster and inclusive growth: Increasing labour productivity, income, and employment.

• Climate resilience: Protecting from climate shocks by enhancing risk management and mitigation, synergising policies to ameliorate trade-offs between growing incomes and lowering emissions.

Priorities from global perspective

• Low-income countries: Prioritize poverty reduction by fostering investment in human, physical, and financial capital.

• Middle-income countries: Prioritize income growth that reduces vulnerability and pursue synergies  such as cutting air pollution.

• High-income and upper-middle-income countries: Accelerate mitigation while managing transition costs.