Discuss the below in detail:
Q: According to the World Bank and International Monetary Fund (IMF), over one billion people in the world today are caught in the poverty trap. Identify key economic, social, or political reasons why some people within the developing world live on $1 a day. Next, determine at least three (3) possible economic, social, or political steps that developing countries overall can take to extricate their poor citizens from this dilemma.