The UN goal of eliminating extreme poverty for every individual throughout the world by 2030 is a key part of the Sustainable Development Goal. Between 2015 and 2018, global poverty was reduced, with the rate of poverty dropping from 10.1 percent to 8.6 percent.

Predictions show that due to the coronavirus pandemic, the worldwide poverty rate increased from 8.3 percent in 2019 to 9.2 percent in 2020, making it the first rise in severe poverty since 1998 and the most significant growth since 1990, pushing back poverty reduction by almost three years.

The impact of the COVID-19 pandemic reversed the steady progress of poverty reduction over the past 25 years. This unprecedented reversal is being further exacerbated by rising inflation and the impacts of the war in Ukraine. It is estimated that these combined crises will lead to an additional 75 million–95 million people living in extreme poverty in 2022, compared with pre-pandemic projections.