The Poverty, Prosperity, and Planet Report 2024: Pathways Out of the Polycrisis offers the first post-pandemic assessment of global progress on ending extreme poverty and boosting shared prosperity on a livable planet.  It highlights that progress has slowed, with 2020–2030 set to be a lost decade. Extreme poverty, defined as living on less than $2.15 a day, now affects 8.5% of the global population. 44 percent of the global population – around 3.5 billion people – live today on less than $6.85 per day, the poverty line more relevant for upper-middle-income countries.

Global poverty reduction and improvements in shared prosperity have stalled amid overlapping and interconnected crises including  slow economic growth, conflict and fragility, and climate-related shocks.

IFC’s strategic investments focus on reversing these trends by:

• Creating jobs through private sector-led growth.
• Supporting climate-resilient investments to mitigate risks posed by extreme weather events.
• Empowering low-income populations, women, and marginalized groups with entrepreneurship and economic opportunities.

Key Findings of the Poverty, Prosperity, and Planet Report 2024

• Almost half the global population – around 3.5 billion people – live today on less than $6.85 per day, the poverty line for upper-middle-income countries, while almost 700 million people live today in extreme poverty, on less than $2.15 per day.
•  Around one-fifth of the world’s population still lives in economies with high inequality climate change is a major threat to poverty reduction. Nearly 1 in 5 people globally are likely to experience a severe weather shock in their lifetime from which they will struggle to recover.
• It is critical to promote sustainable investments, mitigate climate risks, and create opportunities that foster inclusive growth.

For over 60 years, IFC has led the way in impact investing, focusing on some of the most challenging environments in emerging markets. By partnering with private investors and development finance institutions, we have mobilized the financing necessary to work towards the Sustainable Development Goals (SDGs). This collaboration has driven transformative change in fragile economies, ensuring that the benefits of growth reach those most in need.

At the heart of sustainable poverty reduction is private sector growth. IFC unlocks this potential by providing critical financing, investment, and advisory services to businesses across developing countries. By empowering entrepreneurs and supporting small and medium-sized enterprises (SMEs), particularly in low-income regions, IFC creates jobs, drives innovation, and builds economic resilience that can withstand future challenges.