COVID-19 and Russia’s invasion of Ukraine have reversed three decades of progress in reducing poverty, the World Bank says
To combat poverty and inequality, the World Bank urges governments to act quickly on three fronts:Half of all spending on energy subsidies in low- and middle-income economies goes to the richest 20% of the population who consume more energy, while more than 60% of cash transfers benefits the bottom 40% of earners, according to the report.Prioritize public funds for high-return investments in education, research and development, and infrastructure projects.
Half of all spending on energy subsidies in low- and middle-income economies goes to the richest 20% of the population who consume more energy, while more than 60% of cash transfers benefits the bottom 40% of earners, according to the report. Prioritize public funds for high-return investments in education, research and development, and infrastructure projects.
Consider property and carbon taxes and broadening the base of personal and corporate income taxes, and provide cash transfers to offset any increases in sales and excise taxes to minimize pain to low earners.