How to Reduce Poverty Essay – 8 Ways to Solve Poverty

How to Reduce Poverty Essay - 8 Ways to Solve Poverty

How to reduce poverty essay: Simply, poverty means the inability to access basic human needs such as water, food, shelter, security, and so on. But in the modern economic world, human trafficking, prostitution, child soldiers are also concerned as the people who live in poverty situations. So, nowadays poverty is called as wide range of areas instead of the basic needs. In this essay, we will discuss how to reduce poverty (solution to poverty essay)

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5 Major Effects of Poverty

How to reduce poverty essay/ Solution to poverty essay

  1. Invest more on the education
  2. Increase the access for clean water and sanitation
  3. Empower the gender equality
  4. Improve the infrastructure in rural areas.
  5. Create job opportunities
  6. Provide financial support.
  7. Provide technological assistance
  8. Correctly measure poverty and increase awareness of global poverty

1. How to reduce poverty: Correctly measure poverty and increase awareness of global poverty

As the initial step to reduce poverty, we should correctly measure poverty and increase awareness of global poverty. This will help countries to understand their poverty level, compare the poverty level with other countries and reduce the poverty level. Also, these measurements will helpful to global financial institutions identify the most help-needed countries that should be supported.

World Bank has measured global poverty as the number of people who live under $1.9 per day. The following graph shows the percentage of the world population who live less than $1.9 per day.

Global poverty
(World Bank, n d.)

According to the above graph global poverty has been decreasing. In the year 1981, 42.7 percent of people in the world have suffered from poverty. In the year 2017, it has been reduced up to 9.3 percent of the world population.

Next, “Our World in Data” organization has measured and graphed the Gini Index of the counties as follows.

income inequality

(Roser & Ortiz-Ospina, 2013)

According to the above graph, most South American and African countries show the higher Gini Index value which presents higher poverty and economic inequality. On the other hand, most of the European countries, North American countries and, Australia show the lower Gini Index value which shows lower income inequality and poverty.

Next solution to poverty is invest more on the education

2. How to reduce poverty: Invest more on the education

Children who receive an education are given the knowledge and life skills necessary to reach their greatest potential. We can assist children in obtaining a high-quality education through educating teachers, constructing new schools, and removing obstacles that prevent many children from doing so.As an example, we can say, the village banking system of FINCA (Foundation for International Community Assistance) provides quality education.

3.How to reduce poverty: Increase the access for clean water and sanitation

Health is directly impacted by access to clean water and sanitation. At the moment, 800 million people lack access to clean water, and 2.5 billion lack sufficient sanitation. Girls are prevented from attending school due to filthy bathrooms, which prevents them from gaining an education. More than one million children die each year from diseases like diarrhea and cholera, which spread when there is a lack of safe water. As an example, we can say, the village banking system of FINCA (Foundation for International Community Assistance) provides clean energy, safety managed sanitation facilities to the poverty groups. By offering these facilities, they wish to improve the standards of living of poverty groups.

Next solution to poverty is empower the gender equality

4. How to reduce poverty: Empower the gender equality

With women making up two-thirds of the world’s illiterate. Therefore, it is important to equalize the number of boys and girls in primary, intermediate, and higher education. Girls who attend school are less likely to marry before turning 18, resulting in a 64 percent reduction in child marriage rates globally. Similar to this, literate women are less likely to spread diseases like HIV/AIDS because they have a better understanding of how diseases are transmitted, which in the long run speeds up the elimination of poverty.

5. How to reduce poverty: Improve the infrastructure in rural areas.

By improving infrastructure in rural areas, we can increase the health, education, sanitary facilities. So, they will be helpful to reduce poverty. The World Bank conducts a special program to reduce poverty which is called Guangxi Poverty Reduction Program. Under this program, the world bank work to improve the rural road infrastructure and drinking water supply.

6. How to reduce poverty: Create job opportunities

If you own a business or an organization in the community, look for areas you could use some help with. The fact that many persons in poverty may not have had access to advanced education or specialized certificates does not imply that they lack the abilities necessary to contribute. One method to affect change to assist neighbors living in poverty in your community is to broaden your recruiting pool, identify areas of opportunity within your business or group, and offer a decent wage.

N7th solution to poverty is provide financial support

7. How to reduce poverty: Provide financial support.

We can provide different types of financial assistance to lower-income countries and groups of people who feel in the poverty. As examples for some financial funds we can say, the PRGF (Poverty Reduction and Growth Facility) is provided by International Monetary Fund (IMF). Under the PRGF program, IMF provides financial support to the developing countries and countries in transition. Also, FINCA provides essential financial services and provides financial assistance to lower-income families.

8. How to reduce poverty: Provide technological assistance

By providing technological assistance economic growth can be increased. Because technological improvements are one of the determinants of economic growth. So, many global financial institutions provide technological assistance to developing countries to enhance their technology. As examples, we can say World Bank helps small-scale farmers to develop their skills under the Guangxi Poverty Reduction Program. This will help to reduce rural poverty. Because most rural people engage in agricultural-related economic activities. FINCA also has introduced a new financial technology (FinTech) under the program of the “FINCA Forward”. Because of this program, people can enjoy new facilities such as mobile financing when they transact with the FINCA microfinance branches. IMF also helps countries to strengthen their policymaking capacity by providing advice on institutional organizations and providing training to the officials.

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