OCTOBER 31

On End Poverty Day this year, it's hard to find cause for celebration. The COVID-19 pandemic triggered a historic setback, pushing 70 million people into extreme poverty in 2020 – the largest one-year increase in three decades.

The war in Ukraine deepened the global economic slowdown, which is now in its steepest decline following a post-recession recovery since 1970. At this rate, nearly 7 percent of the world's population – almost 600 million people – will still be struggling in extreme poverty in 2030.

Whilst the picture is sobering, it is a wake-up call for us to think and act to correct course. It's important to remember that many of the development challenges we face today did not start with the pandemic. Riding on the momentum to build back better, it's a good time to review deficiencies of past policies and underinvestment.

We must correct course now across a comprehensive range of policies and step-up global cooperation for a lasting recovery to move towards green, resilient, and inclusive development.

A version of this article appears in the print on November 1, 2022 of The Himalayan Times.