Friday, February 20, 2015

Saudi Arabia- Country with tenth lowest poverty rate

Poverty prevails everywhere, in every country; there is some segments of population living below the poverty line. This lowers the country standards and also makes life miserable for that population for their survival. Gladly Saudi Arabia is one of the countries where poverty rate is very low. The credit goes to the government for its efficient management and policies which didn’t force anyone to live below the poverty line providing equal opportunities for anyone and everyone.

So the Kingdom of Saudi Arabia lies on tenth position for lowest poverty rate worldwide with 12.7 percent. According to the report of the World Bank, Saudi Arabia is leading among all the Arab countries in terms of minimizing poverty and making resolution for its eradication. In the World Bank’s report poverty meant proportion of population not able to live a peaceful life together with basic needs of food, shelter, clothing, and health care facilities. Actually the reason for the lowest poverty rate is the unemployment rate which is also very less. If the person has a job, he/she can earn sufficiently to maintain their standard of life.

The Kingdom offers enough opportunities for its locals that transforms their lives and brings value to the society. Every country’s government plays an important role in maintaining the poverty rate within limits. Saudi government each year spends billions of dollars for the provision of free education and health care services to all its citizens, plus a variety of social welfare programs are held including even free burials. Monthly benefits together with pensions, food payments and utility bills payment for the poor, elderly, disabled, and orphans are provided by the government who fail to do so otherwise.

Almost always the main focus of the government is to reduce poverty, raise the standards of living, and increase the country’s economy and enhancing performance of public sector. The Kingdom is the largest oil exporter worldwide spending more than 4% of its GDP on donations annually which reaches people around the globe. Much of the wealth is coming from the Islamic system of Zakat, which is a religious requirement of individuals and corporations to donate 2.5% of their wealth to the poor and needy to keep the money in running.

Top Leading country in the list of lowest poverty rate worldwide is Taiwan with 1.5 percent of the population living below poverty only. On Second is Malaysia with 3.8 percent, proceeding to Ireland, Austria, then Thailand and France, Switzerland with 7.9 percent and on 8th is Canada, 9th is Netherlands with 10.5 percent. On the other hand the poorest countries worldwide are Chad, Liberia and Haiti, with population of more than 80 percent below the poverty line. Extreme poverty is when a person is living with $1.25 a day.

The World Bank’s president Jim Yong Kim wishes to reduce global poverty overall to a single digit of 9 percent by 2020 somehow. They have this target setup. And if this target is achieved, there will be 510 million fewer people living below the poverty line by 2020 compared to present population. 

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