Under the most serious scenario – a 20% contraction in income – the number of people living in extreme poverty would rise by 434 million people to 922 million worldwide, according to an Oxfam study.
LONDON - The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on Thursday.
"The estimates show that, regardless of the scenario, global poverty could increase for the first time since 1990," it said, adding that this could throw some countries back to poverty levels last seen some three decades ago. Women are at more risk than men, as they are more likely to work in the informal economy with little or no employment rights.
To help mitigate the impact, Oxfam proposed a six point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid. Taxing wealth, extraordinary profits, and speculative financial products would help raise the funds needed, Oxfam added.
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