Can Russia Halve Poverty By 2024:

By Samuel Freije-Rodriguez, Aleksandra Porsarac, and Apurva singh

URL: https://www.brookings.edu/blog/future-development/2019/05/09/can-russia-
halve-poverty-by-2024/

Summary:
Poverty is easily one of the biggest social issue a society could possibly have. the biggest
problem associated with it is that it is not very easy to fix, if a country is poor its poverty is going
to affect every other aspect of life of its inhabitants, the more we know about poverty and its
effects on a society the better we will be prepared for dealing with it, we will have better ideas
to cope with poverty and help our country to be get rid of this social evil.
Russia is one of the unfortunate countries that has been infested with poverty, the two main
reasons behind it, is the cold war and communism which heavily effected its economy, but
since Russia adopted democracy it economy has started to get better. Here are some
interesting facts about it, the international poverty line is $1.90 per day is which means that
around 19.5 million citizens of Russia are living below the poverty line which further translates
into, that Russia has a big problem regarding their poverty which needs to be fixed, recently the
Russian president has taken initiative to deal with poverty he plans to rid his country of poverty,
reducing it to half by 2024, he is going to start with economic growth which was helpful to
Russia in the past to deal with poverty. Experts say that if Russia can achieve 1.5 percent
growth rate it can reduce its poverty drastically by 2024, but if Russia wants to catch up with
the rest of the world Russia has to achieve a growth rate of 3.2 percent which is extremely hard
to achieve, but the question is can Russia do it, the modern improved analytical methods has
proven that the answer is “YES” it can, even at a growth rate of 1.5 percent it is possible via
additional redistribution, Russia would need to mobilize 1.35 percent of GDP to be able to
redistribute 0.27 percent of GDP to the poor and ongoing programs could also help fund to
boost the growth rate , but fortunately looking at the recent low corruption rates and the
determination of Russian policy makers it looks like Russia’s good days are near.
Communism has dragged down Russia preventing it from achieving its true glory, but Russia is
catching up and this is all is due to the determination of their countrymen for development of
their country we should learn from them to help our country which is infested with extreme
achieve a poverty free society full of happiness.