However, the report said: “Bangladesh has done an impressive job in reducing poverty over the last decades and has the potential to end extreme poverty by 2030 if it takes firm steps to make growth more inclusive to benefit all Bangladeshis.”
Under the new US$1.90 poverty line based on 2011 purchasing power, 28 million, or 18.5% of Bangladeshis lived in extreme poverty in 2010, said the report.
According to the report, more than 16 million people in Bangladesh graduated from extreme poverty between 2000 and 2010.
It said achieving the goal of reducing extreme poverty to less than 3% of Bangladeshis by 2030 will require economic growth becoming more inclusive with the poorest 40% of society receiving greater benefits from development.
India is by far the country with the largest number of people living under the international $1.90-a-day poverty line, more than 2.5 times as many as the 86 million in Nigeria, which has the second-largest population of the poor worldwide, said the World Bank report.
World Bank President Jim Yong Kim is scheduled to arrive in Dhaka on October 17 as part of a global End Poverty Day campaign.
“I’m very much looking forward to seeing firsthand Bangladesh’s progress in improving the livelihoods of tens of millions, empowering women, and enhancing the quality of education,” said Kim.
To move to the next level and realise its goals of becoming a middle income country by 2021 and overcoming extreme poverty by 2030, the country needs to sustain its economic and remittances growth, create more and better jobs, focus on energy and transportation infrastructure, and make progress on improving the quality of health and education.
“Bangladesh needs to continue creating enough jobs to employ 2 million young people who enter the job market every year. This requires boosting productivity and foreign and domestic investment by reforming business regulations, reducing infrastructure and energy deficiencies, while enhancing financial efficiency,” said Zahid Hussain, lead economist and author of the Bangladesh Development Update.