…over $10 trillion need for 2030 agenda – ILO

Bimbola Oyesola
The economic crisis in Nigeria and other developing countries has further increased the level of poverty globally thereby increasing the cost to end poverty by 2030 to a staggering $ 10 trillion.
According to the International Labour Congress (ILO), over 36 per cent of the emerging and developing world live in poverty – on a daily income of less than US$ 3.10 purchasing power parity (PPP).
Using the latest available data, the ILO in its new report on World Employment and Social Outlook (WESO) 2016 – Transforming jobs to end poverty , finds that some US$ 600 billion a year – or nearly US$ 10 trillion in total over 15 years – is needed to eradicate extreme2 – and moderate3 poverty globally by 2030
The ILO noted that the global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, this is even as it warned that developed countries is now inclusive as relative poverty1 is on the increase there.
The report concludes that the problem of persistent poverty cannot be solved by income transfers alone; but more and better jobs are crucial to achieving this goal.
It is estimated that almost a third of the extremely or moderately poor in developing economies have jobs. However, their employment is vulnerable in nature: they are sometimes unpaid, concentrated in low-skilled occupations and, in the absence of social protection, rely almost exclusively on labour income. Among developed countries, more workers have wage and salaried employment, but that does not stop them from falling into poverty.
The ILO Director-General Guy Ryder, said,“Clearly, the Sustainable Development Goal of ending poverty in all its forms everywhere by 2030 is at risk. “If we are serious about the 2030 Agenda and want to finally put an end to the scourge of poverty perpetuating across generations, then we must focus on the quality of jobs in all nations.”
“Right now, while 30 per cent of the world is poor, they only hold 2 per cent of the world’s income,” said Raymond Torres, ILO Special Advisor on Social and Economic Issues. “Only through deliberately improving the quality of employment for those who have jobs and creating new decent work will we provide a durable exit from precarious living conditions and improve livelihoods for the working poor and their families.”
The study also finds that high levels of income inequality reduce the impact of economic growth on poverty reduction. “This finding tells us that it is past time to reflect on the responsibility of rich nations and individuals in the perpetuation of poverty. Accepting the status quo is not an option,” says Torres.
The ILO estimates on poverty reduction come after a sustained period of global progress, with the share of population living in extreme poverty falling from 46.9 per cent in 1990 to just under 15 per cent among 107 emerging and developing countries. When the moderately poor are considered, the rate has fallen from 67.2 per cent to 36.2 per cent.