Elevated Extreme Poverty to Persist Through 2021: World Bank

Photo: REUTERS
Photo: REUTERS
TT
20

Elevated Extreme Poverty to Persist Through 2021: World Bank

Photo: REUTERS
Photo: REUTERS

Global economic growth could rebound next year -- but the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic, the World Bank warned Tuesday.

The projection came after the Washington-based development lender said Monday the pandemic could drive between 70 and 100 million people into extreme poverty in 2020 as the global economy faces its worst recession in 80 years.

Before the pandemic, extreme poverty -- defined as living on $1.90 per day -- had been decreasing.

The bank expects growth to rebound by four percent in 2021.

But the countries with the highest shares of the world's extremely poor are not projected to grow faster than their population, meaning that extreme poverty will remain at the elevated 2020 levels through 2021.

"Nigeria, India and the Democratic Republic of Congo -- three countries which we project are home to more than a third of the world's poor -- are predicted to have per-capita growth rates in real GDP of –0.8 percent, 2.1 percent, and 0.3 percent, respectively," the World Bank said in a blog.

"With population growth rates of 2.6 percent, 1.0 percent, and 3.1 percent, this is hardly enough for sustainable decreases in the poverty headcount."

The bank warned "South Asia may see a larger increase in the number of poor as a result of COVID-19," particularly in India.

Of the 176 million people expected to be pushed below the $3.20 per-day poverty line, two-thirds are in South Asia.



South Korea Court Ousts Impeached President Yoon

(FILES) South Korean impeached President Yoon Suk Yeol attends a hearing of his impeachment trial at the Constitutional Court in Seoul on February 13, 2025. (Photo by JEON HEON-KYUN / POOL / AFP)
(FILES) South Korean impeached President Yoon Suk Yeol attends a hearing of his impeachment trial at the Constitutional Court in Seoul on February 13, 2025. (Photo by JEON HEON-KYUN / POOL / AFP)
TT
20

South Korea Court Ousts Impeached President Yoon

(FILES) South Korean impeached President Yoon Suk Yeol attends a hearing of his impeachment trial at the Constitutional Court in Seoul on February 13, 2025. (Photo by JEON HEON-KYUN / POOL / AFP)
(FILES) South Korean impeached President Yoon Suk Yeol attends a hearing of his impeachment trial at the Constitutional Court in Seoul on February 13, 2025. (Photo by JEON HEON-KYUN / POOL / AFP)

South Korea's Constitutional Court on Friday unanimously upheld President Yoon Suk Yeol's impeachment over his disastrous martial law declaration, stripping him of office and triggering fresh elections after months of political turmoil.

Yoon, 64, was suspended by lawmakers over his December 3 attempt to subvert civilian rule, which saw armed soldiers deployed to parliament. He was also arrested on insurrection charges as part of a separate criminal case.

Millions of Koreans watched the court hand down its verdict live on television, with the country's main messaging app KakaoTalk telling AFP that some users were experiencing delays due to a sudden surge in traffic.

"Given the serious negative impact and far-reaching consequences of the respondent's constitutional violations... (We) dismiss respondent President Yoon Suk Yeol," acting court President Moon Hyung-bae said while delivering the ruling.

Yoon's removal, which is effective immediately, triggers fresh presidential elections, which must be held within 60 days. Authorities will announce a date in the coming days.

The decision was unanimous, and the judges have been given additional security protection by police. Outside the court, AFP reporters heard Yoon supporters shouting death threats.

Yoon's actions "violate the core principles of the rule of law and democratic governance," the judges said in their ruling.

Sending armed soldiers to parliament in a bid to prevent lawmakers from voting down his decree "violated the political neutrality of the armed forces."

He deployed troops for "political purposes", the judges said.

"In the end, the respondent's unconstitutional and illegal acts are a betrayal of the people's trust and constitute a serious violation of the law that cannot be tolerated," the judges ruled.

Opposition party lawmakers clapped their hands as the verdict was announced, calling it "historic", while lawmakers from Yoon's party filed out of the courtroom.

Impeached

Yoon is the second South Korean leader to be impeached by the court after Park Geun-hye in 2017.

After weeks of tense hearings, judges spent more than a month deliberating the case, while public unrest swelled.

Police raised the alert to the highest possible level Friday. Officers encircled the courthouse with a ring of vehicles and stationed special operations teams in the vicinity.

Anti-Yoon protesters gathered outdoors to watch a live broadcast of the verdict, cheering at many of the lines and holding hands. When Yoon's removal was announced, they erupted into wild cheers, with some bursting into tears.

"When the dismissal was finally declared, the cheers were so loud it felt like the rally was being swept away," Kim Min-ji, a 25-year-old anti-Yoon protester, told AFP.

"We cried tears and shouted that we, the citizens, had won!"

Yoon, who defended his attempt to subvert civilian rule as necessary to root out "anti-state forces", still commands the backing of extreme supporters.

Outside his residence, his supporters shouted and swore, with some bursting into tears as the verdict was announced.

This year, at least two staunch Yoon supporters have died after self-immolating in protest of the controversial leader's impeachment.

A police official told AFP that one person had been arrested in the vicinity of the court, with others trying to destroy police buses with batons.

Embassies -- including the American, French, Russian and Chinese -- have warned citizens to avoid mass gatherings in connection with Friday's verdict.

The decision shows "first and foremost the resilience of South Korean democracy," Byunghwan Son, professor at George Mason University, told AFP.

"The very fact that the system did not collapse suggests that the Korean democracy can survive even the worst challenge against it -- a coup attempt."

Trade winds

The Korean won jumped sharply against the US dollar immediately after the court announced Yoon's dismissal, with Seoul's benchmark KOSPI up 8.62 points, or 0.35 percent.

South Korea has spent the four months since the martial law declaration without an effective head of state, as the opposition impeached Yoon's stand-in -- only for him to be later reinstated by a court ruling.

The leadership vacuum came during a series of crises and headwinds, including an aviation disaster and the deadliest wildfires in the country's history.

This week, South Korea was slammed with 25 percent tariffs on exports to key ally the United States after President Donald Trump unveiled global, so-called reciprocal levies.

Since December, South Korea has been "partially paralyzed -- it has been without a legitimate president and has been challenged by natural disasters and the political disaster called Trump," Vladimir Tikhonov, Korean Studies professor at the University of Oslo, told AFP.

Yoon also faces a separate criminal trial on charges of insurrection over the martial law bid.

Acting president Han Duck-soo will remain at the helm until the new elections are held.