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The poorest would take a decade to recover from the pandemic

2021-01-25T09:34:41.704Z


More than a decade is how long it could take for the world's poorest to recover from the pandemic, according to Oxfam's annual report on inequality.


Billionaires getting richer despite pandemic 1:21

New York (CNN Business) -

Nine months.

That's how long it took for the world's 1,000 top billionaires to regain their fortunes after the coronavirus pandemic.

More than a decade is how long it could take the world's poorest to recover, according to Oxfam International's annual report on inequality.

The report, released Sunday before the World Economic Forum's virtual meeting of political and financial leaders, which normally takes place in Davos, Switzerland, exposes the disparate impact of the virus around the world.

The pandemic could increase economic inequality in almost all countries at once, the first time this has happened, Oxfam found.

“We are witnessing the largest increase in inequality since the records began.

The deep divide between rich and poor is proving as deadly as the virus, ”said Gabriela Bucher, Executive Director of Oxfam.

“Manipulated economies are funneling wealth to a wealthy elite who are weathering the pandemic in luxury, while those on the front lines of the pandemic - shop assistants, healthcare workers and market vendors - struggle to pay the bills and bring food to the table.

Coronavirus inequality

The coronavirus, which has infected nearly 100 million people and killed more than 2.1 million worldwide, has put inequality in the spotlight.

How people cope has varied by race, gender, and income.

For example, about 22,000 black and Hispanic Americans would still be alive, as of December, if these groups died of the virus at the same rate as white Americans, according to Oxfam.

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And 112 million fewer women would be at risk of losing income or their jobs if men and women were equally represented in sectors affected by the pandemic.

Meanwhile, the wealthy are generally weathering the coronavirus storm quite well.

Although equity markets collapsed in the first months of the pandemic, they have recovered, thanks in part to unprecedented economic assistance provided by governments.

Worldwide, the wealth of billionaires increased by $ 3.9 trillion between mid-March and the end of December, Oxfam calculated.

Poor on the rise

But the number of people living in poverty globally could have risen by as much as 500 million last year, according to a United Nations University World Institute for Development Economics research paper that Oxfam cited.

Other reports have also found that the pandemic has hit the poor hard.

A separate World Bank study in October found that the pandemic could drive 60 million people into extreme poverty.

To fight this growing inequality, governments must ensure that everyone has access to a COVID-19 vaccine and financial support if they lose their jobs, Bucher said.

Furthermore, this is the time for longer-term investments in public services and low-carbon sectors to create millions of jobs and ensure that everyone has access to education, health care and social care, he said.

In the US, Oxfam urged Congress to pass an economic recovery plan that invests in green jobs and supports the child care industry, helping women return to work and providing further assistance in the global fight against pandemic.

"These measures should not be 'band aid' solutions for desperate times, but a 'new normal' in economies that work for the benefit of all people, not just a privileged few," said Bucher.

US President Joe Biden has proposed a $ 1.9 trillion coronavirus financial aid package, which contains additional stimulus payments, unemployment benefits, and nutrition and housing assistance.

He has said that he will release an economic recovery plan next month.

Pandemic poverty

Source: cnnespanol

All news articles on 2021-01-25

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