The Impact of Covid-19 on Global Poverty #infographic

The Impact of Covid-19 on Global Poverty #infographic

Studies by aid group Oxfam studied the after-effects of coronavirus on global monetary poverty in partnership with King's College London and Australian National University and concluded that the pandemic could drive an estimated half a billion people into poverty.

That's about 8 per cent of the world's population that can hit the lines of people earning less than $5.50 a day on the World Bank poverty line.

According to the report, for the first time since 1990 poverty rates will rise with a great margin. It is also anticipated that the effect in hard-hit areas like North Africa, Sub-Saharan Africa and the Middle East would be greater.

A 20 per cent decrease in income will be the most affected case. This will add an estimated 548 million people who earn less than $5.50 a day. The United Nations also warns that it will take about $2.5 trillion to help the countries that are affected the hardest because of COVID-19. The UN also estimates that as a result of the recession almost half of all the jobs in Africa will be lost.

The conference is to be held in the coming week to address debt relief for developing countries. Ministers from the G20, The World Bank, and the IMF will join the conference. Oxfam's charity organization encourages the global community to launch a rescue package to help each nation facing a deficit after the pandemic has ended.

The IMF is expected to declare an immediate cancelation of $1 trillion in debt and give a further $1 trillion in Special Drawings Right for the countries in struggle.

Take a look at the number of people hitting the poverty line following the 20 percent fall of wages.

The Impact of Covid-19 on Global Poverty #infographic

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