Page 14 - Policy Economic Report - August 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 8: Other commercial services exports by selected subsector, 2024 and Q1 2025 (y-o-y %)

Source- WTO

4. A new poverty line has shifted the World Bank’s data on extreme poverty

In June 2025, the World Bank announced a major change to the International Poverty Line (IPL), raising
it significantly, from $2.15 to $3 per day. This increase partly reflects inflation — a consequence of the
World Bank using international dollars at 2021 prices, updated from 2017 prices. To track progress
towards ending extreme poverty by 2030, the United Nations relies on the World Bank to estimate
the share of people living below a certain threshold, called the International Poverty Line (IPL).

The poverty line has increased in real terms. And with it, so have the World Bank’s estimates of
extreme poverty. 125 million people who would not have been counted as extremely poor before
June are now included. According to the June 2025 update, 817 million people lived in extreme
poverty in 2024 under the new $3 a day line. This is 125 million more than the previous estimate
based on the old $2.15 definition. The below figure compares the September 2024 data with the latest
World Bank data.

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