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The share of the world living in extreme poverty continues to shrink, but at a much slower rate, according to a new report by the World Bank.

Expand chart
Data: World Bank; Note: South Asia's latest value is from 2013; Chart: Andrew Witherspoon/Axios

The big picture: Only 10% of the world's population in 2015 lived on less than $1.90 a day, down from 11% in 2013. The World Bank predicts that share will be just 8.6% in 2018.

  • The good news: "About half of the world’s countries now have poverty rates below 3 percent," according to the report.
  • The bad news. The rate of decline has slowed globally, largely due to areas with high concentration of poverty such as in Sub-Saharan Africa, which is expected to still have a double-digit share of the population in extreme poverty by 2030.
  • In the Middle East and North Africa, the share of those in extreme poverty has risen above 3% over the past couple of years due to the conflict and violence in Syria and Yemen.
  • Because of areas with extremely high rates of poverty, the goal of having less than 3% of the world live in extreme poverty within the next 12 years might be unattainable.
“[I]f we are going to end poverty by 2030, we need much more investment, particularly in building human capital, to help promote the inclusive growth it will take to reach the remaining poor.”
— World Bank Group President Jim Yong Kim said in a statement

Go deeper

2 hours ago - Health

Pfizer coronavirus vaccine safe, effective in children, company says

Photo by Mario Tama/Getty Images

Pfizer and BioNTech's coronavirus vaccine is safe and effective in children ages 5 to 11, albeit at a lower dose than adults receive, the companies said in a press release announcing results from a pediatric trial.

Why it matters: The trial results are a much-needed source of hope for families with elementary school-aged children, who currently aren't eligible for a vaccine.

The pandemic made our workweeks longer

Illustration: Annelise Capossela/Axios

The average American's workweek has gotten 10% longer during the pandemic, according to a new Microsoft study published in Nature Human Behaviour.

Why it matters: These longer hours are a key part of the pandemic-induced crisis of burnout at U.S. firms — and workers are quitting in droves.

Mike Allen, author of AM
2 hours ago - Economy & Business

Airbnb CEO Brian Chesky to herald "travel revolution"

Expand chart
Data: TSA. Chart: Jared Whalen/Axios

Airbnb CEO Brian Chesky will argue this week that the world is undergoing a "travel revolution," in which some parts of the industry stay shrunk but the sector ultimately comes back "bigger than ever."

Why it matters: Chesky, who faced the abyss when the world shut down last year, foresees a significant shift in how people move around, with more intentional gatherings of family, friends and colleagues — even if routine business travel is never what it once was.