While the poverty rate surged during the COVID-19 crisis in 2019, when it increased by 2.7%, it began to decline in 2022. However, the catastrophic floods of 2023 severely damaged the economy, disrupting agricultural production, driving inflation, and causing a resurgence in poverty rates.
The report highlighted that workers’ income played a crucial role in alleviating poverty, particularly in sectors offering higher-paying jobs, which helped shield individuals from the adverse effects of inflation.
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Looking ahead, the report offers a hopeful outlook, forecasting an economic recovery in 2024 and a potential decline in poverty to 18.7% by 2025. Despite the setbacks, the country’s path to recovery remains in sight, with expectations of improved conditions in the near future.
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