Poverty can be cut to near zero by 2030: Study

A latest study on Bangladesh's social and economic development showed the poverty level would come down to near zero by 2030 even if the economic growth rate remains similar to those recorded since 2000. ‘Assuming no major shocks, continued economic growth at rates similar to those recorded since 2000 could allow Bangladesh to reduce the prevalence of extreme poverty to 2.4 per cent by 2030,’ said the Inclusive Growth Diagnostic – a study conducted by UK government and the USAID. It said the governments of the United States, the United Kingdom, and other countries, as well as international organisations like the World Bank, have committed themselves to help eradicate extreme poverty by 2030. The current rate of extreme poverty, however, further declined to 31.5pc in 2012, according to Bangladesh Bureau of Statistics (BBS). The study also referred that the country already reduced poverty significantly by bringing down extreme poverty to 43pc in 2010 from 58 pc in 2000. ‘These achievements have been realised despite major internal and external challenges, including global economic downturns, natural disasters and periods of political uncertainty,’ the study said. The study also assesses the challenges faced by investors in the garment and textile sectors, including power supply, labour skills, and access to finance. The UK government’s study suggests that Bangladesh needs sustained and inclusive growth for decades to ‘escape from poverty,’ according to BSS.