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World Bank: Millions projected to fall into ‘extreme poverty’

Yahoo Finance Live anchors break down the chart of the day.

Video Transcript

- Well, with the world's elite gathering in Davos, Switzerland this week, a bit of a reminder that the COVID pandemic has left the picture on poverty dramatically worse than it was pre-pandemic.

This chart comes from the World Bank, and it shows the number of people living on less than $1.90 a day, and it shows that there has been a rapid undoing of the pre-pandemic progress made on eliminating poverty. World Bank estimating that 56 million people more thrust into poverty as a result of the economic shock, something that I'm sure a lot of the world's leaders and big CEOs will be talking about. But of course, Akiko, as is always the case with Davos, whether or not there's any action on that is another question.

- Yeah, it's really hard to measure that action, any kind of promises that are made at Davos. But it's interesting to see this. I mean, we're talking about it compared to pre-pandemic levels. But over the last several months, we have seen additional factors only add on to this, right?

When you think about what's been happening between Russia and Ukraine, grains, wheat that's grown there, how that has really started to--

- Food insecurity is huge.

- Food insecurity is huge. And then now we're hearing about these extreme heats over in India. They have started to limit their imports as well. So you look at that chart, that's where we stand now. And you have to think about just the pile on effect beyond that, because of so many other factors that are now coming to play.

- Yeah, we have to remember too that during the pandemic itself, nations that had good standing economically were able to pass stimulus measures to keep businesses and households whole. And a lot of third world nations that were already very fragile before the pandemic, they didn't have that same luxury.

So they're still reeling from the economic impact of what happened, whereas here we're talking about inflation. I mean, that inflation, by the way, is bleeding into those countries as well. So you kind of have that double whammy of the inability to kind of insulate themselves from the initial shock, but then also experiencing the ripple effects of the shocks that we're experiencing in the advanced nations right now. But of course, a story worth watching that will definitely be playing out in the next few--