The poverty level of Sri Lanka had dropped from 22.7 percent in 2002 to 15.2 percent in 2006-2007 according to a document tabled in Parliament by Construction and Engineering Services Minister Dr. Rajitha Senaratne this week. There had been a marked drop in the rural poverty level from 24.9 percent in 2002 to 15.7 percent in 2006-2007 while it had declined from 7.9 percent to 6.7 percent during the same period in the urban sector. However, the situation had taken a turn for the worse in the estate sector where poverty had increased from 30 percent to 32 percent. In 1990-1991, the overall poverty level had remained at 26.1 percent in the country, and it had soared up to 28.8 percent by 1995. Dr. Senaratne said the number of unemployed persons had also come down from 800,000 in 2005 to 500,000 now. Commenting on the global credit crunch, he said that the FAO had predicted a 40 percent increase in world food prices, and added the present upward inflationary trend was a result of this global phenomenon. After 1931 the worst financial crisis hit the United States and spread its ripple effects to Europe and some parts of Asia, he said. He said that the situation compelled policy makers to have second thoughts about depending on neo-liberal economic strategies and preferred to strengthen the national economies. He compared the circumstances that led to the ascendancy of Barack Obama to the US presidency to those to the election of President Mahinda Rajapaksa.