The percentage of individuals living in extreme poverty around the world is expected to fall under 10 percent this year, according to recent World Bank projections, which should make the goal of ending poverty by 2030 much more feasible.

To define the poverty line, The World Bank currently uses a standard of $1.90 a day, up from $1.25 a day in 2005.

In 2012, 902 million people (12.8 percent of the world’s population) were below the poverty line. In 2015, it’s likely that, with the new price line and country-level data on living standards, it will now be 702 million people (9.6 percent of the world’s population).

World Bank Group President Jim Yong Kim naturally had a good deal to say about the news.

“This is the best story in the world today – these projections show us that we are the first generation in human history that can end extreme poverty,“ Kim said. “This new forecast of poverty falling into the single digits should give us new momentum and help us focus even more clearly on the most effective strategies to end extreme poverty. It will be extraordinarily hard, especially in a period of slower global growth, volatile financial markets, conflicts, high youth unemployment, and the growing impact of climate change. But it remains within our grasp, as long as our high aspirations are matched by country-led plans that help the still millions of people living in extreme poverty.”