Extreme poverty is an issue many have tried to solve. Typing in how to solve world poverty on Google retrieves a multitude of the same results. But Policymic has provided an interesting take on innovation and the impact it can have on ending poverty. Below are the five ways Policymic believes progress can be made.
- Deworming: Helmiths, roundworms, whipworms, and hookworms all reside in places with over 270 million preschool children and 600 million school age children. These worms create nutritional deficiencies, which can stunt the growth of children. Polymic projects that a 20 cent pill targeting these parasites can improve a child’s future wage by nearly 20%. Clearly this is a valuable investment.
- Give Away Free Money: It’s simple. Walk up to a person who is suffering from poverty and hand them over money. Why? Studies show that the money handed over will create a sizeable investment return. Doing something nice like this can go a long way.
- Give Communities Microgrants: The investment of a microgrant, which is non-refundable, into a community can help a local economy get started. A significant amount of money can create serious development and help the citizens of a community flourish.
- Minimize Travel Restrictions: International citizens traveling to wealthier countries improve their developing countries economy. $400 billion were sent home from international workers in 2012. This money serves a variety of purposes and is an important source of funding.
- Improve Developing Countries GDP: The best way for developing countries to escape poverty is to improve their economic growth. Poverty has been cut in half due to developing countries gross domestic product being boosted six percent annually.
– William Norris
Sources: Policymic WHO