Children and poverty: Breaking the vicious cycle >> Poor children living in rich countries FIGURE 3.3 More than half of the population in low- and middle-income countries live on less than US$5 a day Percentage of population living below various international poverty lines, by World Bank region, 2012 100% 82% 84% 80% 67% 60% 55% 55% 44% 43% 40% 35% 25% 22% 19% 20% 13% 12% 15% 7% 6% 6% 2% 0 east asia and europe and latin america and South asia Sub-Saharan Total the Pacific Central asia the Caribbean africa People vulnerable to poverty (less than $5.00 a day) People living in moderate poverty (less than $3.10 a day) People living in extreme poverty (less than $1.90 a day) Note: Total refers to low- and middle-income countries available in Povcalnet. data were not available for the Middle east and north africa at the time of calculation. all estimates are based on purchasing power parity figures (current international $) extrapolated from the 2011 international Comparison Program (iCP) benchmark estimates. US$5.00/day is not an official international poverty line used by the World Bank. Source: The World Bank (2016). eight years after the onset of the 2008 financial crisis, the slow pace of economic recovery, high levels of unemployment, financial pressure and rising inequality are jeopardizing the hopes of a generation of children in high-income countries belonging to the organisation for economic Co-operation and development 235 (oeCd). at the same time, children and poor families are feeling the effects of deficit reduction programmes initiated by governments in response to the 236 crisis. in the 41 most affluent countries, nearly 77 million children lived in monetary poverty 237 in 2014. Taking pre-crisis levels as an anchor point, child poverty rates increased in 23 oeCd countries after 2008. in five countries, child poverty rates increased by 238 more than 50 per cent. in most countries in the european Union, the proportion of children in poverty is higher than the rate for adults (see Figure 3.4). The STaTe of The World’S Children 2016 76