Poverty in Latin America Drops to Historic Lows

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The Economic Commission for Latin America and the Caribbean (ECLAC) reports that poverty in Latin America fell to a historic low of 27.3% in 2023. This marks a 1.5% decrease from 2022 and a 5% decline since 2020, prior to the coronavirus pandemic.

Despite this progress, over 27% of the population still lives below the poverty line, with more than 10% in extreme poverty.

According to the World Bank, social living standards in the region are expected to improve further in 2024. Currently, approximately 172 million people live in poverty, including 66 million in extreme poverty.

The United Nations agency defines those lacking basic necessities as poor, while those struggling to have two meals a day are classified as extremely poor. Extreme poverty is most prevalent in Haiti, Nicaragua, Venezuela, and Honduras.

Conversely, millions of Brazilians have moved from poverty to the middle class, with significant reductions also seen in Paraguay, the Dominican Republic, El Salvador, and Colombia.

Despite these gains, the gap between the rich and the poor continues to widen. As Latin American cities grow, thousands migrate from rural areas, with most of the urban poor finding livelihoods in cities. The lack of social protection remains a major cause of poverty for many families.

The report underscores the need for continued efforts to address the underlying issues of poverty and ensure sustainable development across the region.

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