Charity group Oxfam has warned that a recession caused by Covid-19 could push an extra half a billion people into poverty – 8 percent of the world’s population – unless urgent action is taken.
A global recession could reverse up to three decades of improvements in living standards and, according to one estimate, push 420-580 million people worldwide into poverty. The World Food Program, has warned that COVID-19 will likely double the number of people suffering from acute hunger, to 265 million.
- COVID-19 could spark a global recession, reversing up to three decades of improvements in living standards.
- According to one estimate, 420-580 million people worldwide could be pushed into poverty.
- It’s vital that governing bodies and world banks work together to support the countries than are unable to support themselves, write two former world leaders and two economists.
The most serious scenario involves a 20 percent fall in income which would result in an additional 548 million people earning less than the World Bank poverty threshold of $5.50 per day.
Poverty rate increased from 7.2 percent to 9.8 percent
Between 2015 and…