Out of all OECD countries, Cost Rica had the highest poverty rate as of 2021, at over 20 percent. The country with the second highest poverty rate was Hungary, with 17.6 percent. On the other end of the scale, Czechia had the lowest poverty rate at 5.6 percent, followed by Finland and Denmark.
The significance of the OECD
The OECD, or the Organisation for Economic Co-operation and Development, was founded in 1948 and is made up of 38 member countries. It seeks to improve the economic and social well-being of countries and their populations. The OECD looks at issues that impact people’s everyday lives and proposes policies that can help to improve the quality of life.
Poverty in the United States
In 2021, there were nearly 38 million people living below the poverty line in the U.S.. About 24 percent of the African American population lived in poverty in 2021, the most out of any ethnicity. In addition, the rate was higher among young women than young men. It is clear that poverty in the United States is a complex, multi-faceted issue that affects millions of people and is even more complex to solve.
OECD database accessed on February 9, 2021
****Provisional data 2020
*****Provisional data 2019.
******Provisional data 2021.
The poverty rate is the ratio of the number of people whose income falls below the poverty line and the total population; the poverty line is here taken as half the median household income.
Income is defined as household disposable income in a particular year. It consists of earnings, self-employment and capital income and public cash transfers; income taxes and social security contributions paid by households are deducted. The income of the household is attributed to each of its members, with an adjustment to reflect differences in needs for households of different sizes.
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