globally, and regionally. It provides real-time poverty data across countries. Created by the Vienna-based NGO, World Data Lab, it was launched in Berlin at the re:publica conference in 2017, and is funded by Germany's
Federal Ministry for Economic Cooperation and Development
The Federal Ministry for Economic Cooperation and Development (german: Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung, ), abbreviated BMZ, is a cabinet-level ministry of the Federal Republic of Germany. Its main office is ...
.
The clock seeks to address a gap in development data around social progress indicators, starting with poverty numbers, and tries to align them with economic and demographic indicators like
Gross Domestic Product
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...
(GDP), and population clocksU.S. Census Bureau. ''Population Clock'' Available at: https://www.census.gov/popclock/ and
forecast
Forecast or derived words may refer to:
Prediction and models
* Forecasting, the process of making statements about events which have not yet been observed
* Weather forecasting, the application of science and technology to predict the weathe ...
respectively, which already have real-time and forward looking estimates.
Methodology
The World Poverty Clock uses publicly available data on income distribution, stratification , production, and consumption, provided by different and multiple international organizations, most notably the UN, WorldBank, and the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...
. These organizations compile data provided to them by governments in each country. In a few cases, governments fail to provide data. The World Poverty Clock uses models to estimate poverty in these countries, covering 99.7% of the world’s population. It also models how individual incomes might change over time, using IMF growth forecasts for the medium-term complemented by long-term � shared socio-economic pathways �� developed by th Institute of International Applied Systems Analysis near Vienna, Austria, and similar analysis developed by the
OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate e ...