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Around 700 million individuals worldwide struggle to survive on less than $2.15 per day, marking the harsh reality of extreme poverty. This dire situation persists predominantly in Sub-Saharan Africa, fragile and conflict-ridden regions, and rural areas where economic opportunities remain scarce.

In recent decades, global efforts had made significant strides in reducing poverty rates. However, progress began to stall around 2015 amid sluggish economic growth globally. The ambitious Sustainable Development Goal of eradicating extreme poverty by 2030 now appears increasingly elusive.

The COVID-19 pandemic dealt a severe blow to poverty reduction efforts, exacerbating existing vulnerabilities and causing three years of setbacks from 2020 to 2022. Low-income countries, already grappling with economic fragility, bore the brunt of this crisis and are yet to fully recover. As of 2022, the global count of individuals living in extreme poverty rose to 712 million, an increase of 23 million from 2019.

Addressing poverty and inequality necessitates tackling interconnected global challenges such as economic stagnation, conflict, and the looming threat of climate change. Climate-related risks pose a significant barrier to poverty reduction, disproportionately affecting the lives and livelihoods of the world's poor.

Natural disasters annually push millions of households into poverty or entrap them further in its cycle. Rising temperatures are already diminishing agricultural productivity in regions like Africa and Latin America, threatening to deepen economic disparities.

Achieving poverty eradication demands a multifaceted approach. Nations must enhance overall well-being by ensuring equitable access to healthcare, education, digital infrastructure, and other essential services. These efforts are pivotal in lifting communities out of poverty and fostering sustainable development.

Effective policymaking plays a crucial role in fostering economic growth that generates quality jobs and protects vulnerable populations. Employment opportunities not only alleviate poverty but also empower women, youth, and marginalized groups, catalyzing broader socio-economic progress across generations.