The Millennium Development Goal to cut the poverty rate in half by 2015 was met in 2010 – five years ahead of schedule. While progress has been made, global growth estimates show more work is needed to reach the target of ending global poverty by 2030. Discussed below are the top 10 ways to reduce poverty in the world.
Effective 10 Ways to Reduce Poverty in the World
- Develop and implement rapid and sustained economic growth policies and programs, in areas such as health, education, nutrition and sanitation, allowing the poor to participate and contribute to the growth. Studies show that a 10 percent increase in a country’s average income reduces poverty by as much as 20-30 percent.
- Improve management of water and other natural resources. Most of the rural poor depend on agriculture or other natural resources for their livelihood. Consequently, it is necessary that they have more equitable access to those resources so they are better able to manage their resources.
- Invest in and implement agricultural programs. China has helped 800 million people out of poverty since 1978. As a part of its strategy to eradicate poverty by 2020, the Agricultural Bank of China will lend more than $400 billion to help develop rural areas, fund education, infrastructure, and crop production.
- Encourage countries to engage in trade as a path out of poverty. Trade is the key to growth and prosperity. Some of the world’s poorest countries including Indonesia, Botswana and Brazil have traded their way out of poverty.
- Create and improve access to jobs and income and develop entrepreneurial talent.
- Providing all people with access to basic social services including education, health care, adequate food, sanitation, shelter and clean water.
- Progressively developing social protection systems to support those who cannot support themselves.
- Empower people living in poverty by involving them in the development and implementation of plans and programs to reduce and eradicate poverty. Their involvement ensures that programs reflect those things that are important to them.
- Remove barriers to equal access to resources and services.
- Provide access to technology and innovation including internet access and affordable energy. In Bangladesh, only 40 percent of the rural poor have access to grid electricity. Those that do have access endure frequent power outages. The Second Rural Electrification and Renewable Energy Development Project plans to increase access to electricity in rural areas via renewable energy sources.
This list highlights only 10 ways to reduce poverty in the world. It is imperative that people and governments work together to implement these ideas and others so that it is possible to end poverty by 2030.
– Mary Barringer