A Review on the Best Practices of Poverty Reduction in Developing Countries

Abstract

Due to its detrimental effects on human wellbeing, extreme poverty, which exists in many developing nations, is a serious issue that requires immediate attention. It entails inadequate food and nutrition, inadequate housing, unsafe drinking water, low literacy rates, high rates of infant and maternal death, high unemployment, and a sense of helplessness and vulnerability. Reducing poverty can be accomplished through increasing employment and educational opportunities for the underprivileged; implementing institutional and economic reforms to increase productivity and optimize resource use; endorsing microfinance initiatives to lift barriers to small-scale business, innovation, and entrepreneurship; and creating and refining marketing strategies to boost output. Conducting this review is based on an analysis of old and recent literature. It looks at the development and meaning of poverty. Additionally, based on current discussions on the idea, the review shows the disparities in interpretations in developing nations and emphasizes the varied viewpoints regarding the concept of poverty