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World Bank: Corona crisis could lead to 150 million people in extreme poverty
A published report shows the gloomiest forecast so far for the consequences of the epidemic, according to which tens of millions around the world will have less than $ 2 a day to live.
The World Bank warns that global economic growth will plummet at the largest rate in eight decades.
Most of the new poor: South Asians and Africans
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Thursday, 08 October 2020, 09:42
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In the video: The death toll from Corona in the world crossed the million mark (Photo: Reuters, Editing: Amit Simcha)
Up to 150 million people could degenerate into extreme poverty by the end of next year following the severe economic damage brought with it by the Corona crisis, the World Bank warned yesterday (Wednesday).
A report published by the World Bank reveals the gloomiest forecast so far for the consequences of the epidemic, according to which tens of millions of people around the world will have less than $ 1.9 per day to live.
Medium-income countries are expected to include up to 82% of those who will degenerate into extreme poverty, including India, Nigeria and Indonesia.
Many of them will be educated from urban areas, so gates will have to deal with the distress that is typically typical of rural areas.
The majority of these new poor, more than 110 million people, are estimated to be residents of South Asia and sub-Saharan Africa.
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Developing countries are expected to include up to 82% of those who reach extreme poverty.
Children in Mumbai, India (Photo: AP)
The epidemic interrupted one year of a struggle against extreme poverty around the world, the extent of which is expected to grow this year for the first time in two decades.
The epidemic also threatens to exacerbate global inequality, making it difficult for economies to grow in a way that will serve the entire segment of the population, according to World Bank President David Malpas.
Global economic growth is expected to plummet by 5.2% this year, the largest decline in the last eight decades.
Experts estimate that the recovery from the crisis will last at least a decade, a severe blow to those who managed to extricate themselves from poverty and hoped for a better future.
Climate change could bring another hundred million to poverty by 2030. Flooding in Nairobi, Kenya (Photo: AP)
Nearly a quarter of the world's population earns less than $ 3.2 a day - a huge number of people vulnerable to the economic shocks that have hit this year.
Unemployment is rising, and those living on austerity contracts are running out.
Families eat less.
Many of the children, who make up about half of the world's poorest population, miss out on distance learning.
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Developing countries are seeking more aid from the World Bank, more financial institutions and richer governments to fight the plague.
They want to extend the debt freeze decided by the G-20 countries beyond the end of the year, and even call for debt cancellation.
They also seek to promote the use of the International Monetary Fund's (SDRS) special drawing rights, but Washington opposes this.
"If the global response disappoints the vulnerable and poor people of the world, the losses they have experienced so far are likely to be dwarfed by what lies ahead," the report states, "We must not fail."
A severe blow to Africa and Asia
The World Bank report warns that those suffering from extreme poverty suffer from deprivation even before they are born.
"There is a higher probability that their mothers will not receive proper care and food before giving birth," it read.
Getting out of such poverty becomes a huge challenge.
In Africa, however, some countries have taken "impressive steps" against poverty, and were among the fastest-growing economies in the world before the plague.
Now, the 54 countries on the continent claim they need one hundred billion dollars a year over the next three years to fight the virus and its economic and social effects.
About a third of the new poor, between 26 and 40 million, are expected to come from sub-Saharan Africa.
South Asia, on the other hand, will be the hardest hit, with between 49 and 57 million people expected to reach extreme poverty.
The recovery from the crisis will last at least a decade.
Tests for Corona in Mumbai, India (AP Photo)
An additional 150 million poor threatens to rip off the already worn safety nets of those countries.
The World Bank estimates that 115-88 million people could degenerate into extreme poverty by this year, adding another 35-23 people in 2021.
According to the report, climate change could lead to another hundred million poor by 2030. The region is expected to absorb the most devastating effects Of global warming is the Sahara Desert in Africa.
The World Bank has written that it does not have a simple solution to the challenges the world is facing, because it does not exist.
"The world can transcend difficulties - or surrender," they said.
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