> The Economist reports that, after years of dazzling progress in poverty reduction around the world, especially since 1990, poverty reduction and economic development in low-income countries have nearly ground to a halt since 2015
The poverty reduction in Asia was due to their industrialisation revolution. The growth in Africa was mostly a commodity cycle that's unlikely to come back. I'm oversimplifying here but that's the gist of it.
Thanks for clarifying. Many of us, including myself, saw the poverty reduction of earlier years as a general, worldwide phenomenon, rather than as the product of many individual local circumstances.
I have enjoyed this series, keep up the good work 👍
> The Economist reports that, after years of dazzling progress in poverty reduction around the world, especially since 1990, poverty reduction and economic development in low-income countries have nearly ground to a halt since 2015
The poverty reduction in Asia was due to their industrialisation revolution. The growth in Africa was mostly a commodity cycle that's unlikely to come back. I'm oversimplifying here but that's the gist of it.
Thanks for clarifying. Many of us, including myself, saw the poverty reduction of earlier years as a general, worldwide phenomenon, rather than as the product of many individual local circumstances.
Completely agree about the sunk cost fallacy.