The global population is set to reach the 7 billion mark on October 31 according to the United Nations Population Fund in a new report.

The UNFPA has released the report on how nations can prepare for the arrival of billions more people in the coming century. A U.N report had predicted the global population will reach 9.3 billion in 2050 and more than 10 billion by the end of the century.

"With planning and the right investments in people now ... our world of 7 billion can have thriving, sustainable cities, productive labor forces that can fuel economic growth, youth populations that contribute to the well-being of economies and societies, and a generation of older people who are healthy and actively engaged in the social and economic affairs of their communities," UNFPA, the United Nations Population Fund, said in the report.

The UNFPA points to several factors that nations can do in preparation for their increasing population. Nations should empower young people with economic opportunities; further urban planning and more programs that will help sustain Earth's resources.

"With only a small variation in fertility, particularly in the more populous countries, the total could be higher: 10.6 billion people could be living on Earth by 2050 and more than 15 billion in 2100," says the Population Division of the U.N. Department of Economic and Social Affairs.

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