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The UN sets the “International Poverty Line” as a worldwide comparable definition for extreme poverty. Extreme poverty is currently defined as living on less than $3 per day. This indicator, published by the World Bank, has successfully drawn attention to the terrible depths of poverty of the poorest people in the world.
Two centuries ago, the majority of the world’s population was extremely poor. Back then, it was widely believed that widespread poverty was inevitable. This turned out to be wrong. Economic growth is possible and makes it possible for entire societies to leave the deep poverty of the past behind. Whether or not countries are leaving the worst poverty behind can be monitored by relying on this indicator.