Experience Assignment - Essay Example

Since the far-reaching economic reforms from the late 1960s, growth has fuelled a remarkable increase in per capita income and at the same time, however, income disparities have increased. The growing income inequality is illustrated clearly by the living standards between the urban and the rural areas. The last three decades have seen unprecedented progress when it comes to reducing extreme poverty around the world, but there is still an awful lot more to be done. However, as the World Bank still points out, there are still roughly 1.

3 billion people completely destitute, including about 400 million children. People around the world in “extreme poverty” tend to lack enough food to meet basic physical and mental needs. Judging from the daily incomes of the extremely poor around the world, extreme poverty is getting less deep. Poverty for middle and high income countries fell more than 50 percent since 1982. When one looks closely st the recent progress in the developing world, much of it is mostly attributed to countries like China, and to a lesser extent, India, whose amped up economic growth in recent years reduced their poverty rates.

By contrast, extreme poverty in the 35 “low-income” countries fell by less than 33 percent. Aside from China and India, Individuals living in extreme poverty in the developing world, today appear to be as poor as those living in extreme poverty thirty years ago, as the World bank puts it. Instead of asking myself which car should I buy, or what clothes should I wear or which different restaurant should I visit next, living on less than t $5 forces one to really have a tight budget as you cannot afford the luxuries that some of us do take for granted at times.

When money is tight, we have to make whatever we have to stretch and lesser money means smaller, simpler meals. In this day and era, it is impossible to live without a