What is Poverty?
- Poverty is a condition where individuals lack the financial resources
and access to basic necessities such as food, shelter, education and
healthcare. It hinders their ability to maintain a decent standard of
living and participate fully in society.
What are the Causes of Poverty?
Lack of Education: Limited access to quality education restricts
employment opportunities and income potential.
Unequal Distribution of Resources: Wealth, land, and assets are often
monopolized by a small group, leaving many without access to basic needs.
Discrimination and social exclusion: Discrimination can keep people out
of social networks and economic possibilities, making it difficult to escape
poverty In addition, discrimination may prevent individuals from obtaining
the education and other resources they need to advance their economic
mobility and quality of life.
Corruption: Mismanagement of public funds and resources deprives people
of access to essential services like education, healthcare and infrastructure.
Unemployment: A lack of job opportunities reduces people’s ability to earn
a stable income.
Natural Disasters: Disasters like floods and droughts displace communities
and destroy livelihoods, especially in vulnerable regions.
According to the World Bank's most recent estimates, the worldwide poverty
rate, which is calculated as the proportion of people who live on less than
$1.90 per day, has drastically decreased from 36% in 1990 to 9.2% in
2018.Despite this development, there are still big differences between
regions and population experiencing extreme poverty, Sub-nations. With
more than half of Saharan Africa continues to have the worst rates of poverty
in the world. Less than 1% of the population in East Asia and the Pacific, in
comparison, experienced a major decline in poverty rates in 2018. The
COVID-19 epidemic, particularly in low-income nations, has had considerable
impact on poverty rates, though, Numerous people have lost their
employment as a result of the pandemic and are now tying to make ends
meet. The epidemic, according to the World Bank, will reverse years of
progress in reducing poverty by driving an extra 71 million people into
extreme poverty in 2020. To sum up, poverty has a significant effect on
people and society. To build a more equal society where everyone has access
to the resources and opportunities they need to succeed succeed, it is
imperative to address poverty and its underlying causes. Even if there has
been a dramatic decrease in the rate of poverty worldwide, more has to be
done to guarantee that everyone can live in poverty-free ‘conditions. The
COVID-19 epidemic has brought to light how crucial it is for the entire world
community to confront poverty to create a more durable and sustainable
future.
Measuring Poverty
Income-based measures: Poverty is defined as the absence of sufficient
means of subsistence. The poverty line, which is a predetermined income
below which people are thought to be living in poverty, is the most well-
known income-based statistic. Every country has a different poverty line,
which is often modified to account for variations in the cost of living.
Multidimensional measures: Many metrics consider a range of indicators
of welfare, such as education, health, and access to necessities, to assess
poverty levels. The United Nations Development Programme(UNDP) created
the Multidimensional Poverty Index (MPI) as an illustration of a statistics that
considers multiple dimensions of poverty
Subjective measures: Subjective indicators of poverty are based on how
people perceive their level of happiness and the quality of their lives. These
measurements can provide critical understanding of the experiences of
poverty that are not sufficiently captured by only objective metrics.
What are the Effects of Poverty?
On Individuals: Poor health, malnutrition, limited educational attainment
and low self-esteem.
On Society: Increased crime rates, social instability and slowed economic
growth.
What Actions Can We Take to Address Poverty?
Promote Education: Provide free and quality education to equip individuals
with skills needed for better job opportunities.
Combat Corruption: Strengthen governance, transparency, and
accountability in resource allocation.
Support Small Businesses: Provide financial support and training for
entrepreneurs to create employment opportunities.
Implement Social Safety Nets: Expand programs like food aid,
unemployment benefits and cash transfers to support vulnerable groups.
Improve Infrastructure: Invest in roads, healthcare, and access to clean
water and electricity to stimulate economic growth.
Enforce Fair Labor Laws: Establish minimum wage policies and protect
workers’ rights to reduce exploitation.
Why is Addressing Poverty Important?
Reducing poverty improves health, education, and social stability, creating a
more equitable and sustainable world. By tackling its root causes and
empowering people, societies can unlock their full potential and ensure a
better quality of life for everyone.
