sábado, septiembre 13, 2008

An even poorer world

The World Bank reported in August that there were 1.4 billion people living below the poverty line in 2005 - that is, living on less than $1.25 a day. That is 430 million more people living in extreme poverty than previously estimated. The poverty estimate soared after a careful study of the prices people in developing countries pay for goods and services revealed that the World Bank grossly underestimated the cost of living in the poorest nations for decades. As a result, it grossly overestimated the ability of people to buy things.

Source: The New York Times

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