Washington, Oct 10 (IANS): In efforts to end extreme poverty worldwide, the World Bank has set an interim target to reduce global poverty to nine percent by 2020, announced World Bank President Jim Yong Kim here.

"Setting this target reminds that we are on the cusp of something historic, ridding the world of the scourge of people living in such abysmal conditions," Kim said Wednesday on the eve of the 2013 Annual Meetings of the World Bank Group and the International Monetary Fund.

World Bank economists say, if developing countries continue their strong growth rates for the next seven years, the global poverty rate will dip below 10 percent for the first time since 1990, reports Xinhua.

If the goal is achieved, 510 million people will be benefitted by 2020.

"Ending extreme poverty is achievable in less than a generation's time. We need strong growth, committed political leaders and a growing social movement," added Jim.

Global poverty has been steadily declining since 1990. At that time, 43 percent of people lived in poverty in the developing countries.

In 1990, an estimated 1.9 billion people lived in poverty but the number dip to 1.2 billion after 20 years.

Living in extreme poverty means surviving in less than $1.25 a day.