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Although large-scale numeral projects have been carried out by the World Bank Group and other international organizations to reduce poverty since 1944, the number of people living in extremely poor conditions remains unacceptably high. Similar growth rates can have very different effects on poverty, poor people's employment chances, and broader human development indicators depending on the circumstances. Moreover, the degree to which the poor engage in the economic process and share its benefits determines the amount to which growth eliminates poverty. As a result, both the rate and pattern of development are essential in eliminating poverty. According to the World Bank's data, presently, 43 countries worldwide are considered to have the highest poverty rates . This paper focuses on examining the effect of particular sectors of the economy on dealing with the problem. The main purpose can be defined as elucidating the concept of poverty with reasons and consequences in different economic development models and analyzing possible solutions in the context of world economic turmoil. Results show that improvements in the financial sector can significantly contribute to poverty assuagement. Conclusions suggest numerous international recommendations, theories, and laws.
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