Covid-19 has dealt the "biggest setback" to global poverty reduction efforts in decades, and the World Bank warned Wednesday that the goal to eradicate extreme poverty by 2030 likely remains out-of-reach.

Poverty rose sharply during the pandemic, and the development lender estimates about 70 million people were pushed into extreme poverty in 2020 -- the biggest one-year spike since monitoring began in 1990.

Earlier this year the institution warned that as many 95 million people would fall back into extreme poverty by the end of this year.

War in Ukraine, rising inflation and slowing global growth have put further pressure on the bank's mission to lift people out of poverty.

Amid the setbacks the report projects global extreme poverty rate for 2030 will only fall to seven percent, or nearly 600 million people.

Sub-Saharan Africa accounts for 60 percent of all people in extreme poverty, according to the bank.

Income losses of the world's poorest countries were twice as high as in their richer counterparts, causing global inequality to rise for the first time in decades, the report said.