Generally, increases in per capita income tend to decrease the poverty rate, hence the elasticity is positive.
This implies that a 1% increase in per capita income is associated with a 3% decrease in the poverty rate (proportion of people living on less than $1 per day).
This implies that economic growth is fundamental to reducing poverty rates, particularly in low income countries.
This suggests that in poor countries that also have a very unequal distribution of income, economic reforms aimed at reducing inequality may be a prerequisite for pro-growth policies to make a substantial impact on poverty levels.
On the other hand, for poor countries which already have an equitable distribution of income, pro growth policies should be the main poverty fighting tools (even if they increase inequality).