The Impact of Covid-19 on Global Poverty #infographic

The Impact of Covid-19 on Global Poverty #infographic

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

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

According to the study, the poverty rates would grow with great margin for the first time since 1990. It is also expected that the impact will be greater in hard-hit areas such as North Africa, Sub-Saharan Africa and the Middle East.
The most affected scenario would be a 20 per cent drop in sales. This adds an additional 548 million people making less than $5.50 a day. The United Nations also warns that it would take about $2.5 trillion to benefit the countries most barely affected by COVID-19. The UN is also predicting that almost half of all jobs in Africa will be lost as a result of the recession.

The conference to discuss debt relief for developing countries is scheduled to take place in the coming week. The conference will be joined by ministers from the G20, World Bank and IMF. The charity organization of Oxfam is urging the global community to launch a rescue package to help each nation facing a deficit after the pandemic is over.

The IMF is expected to declare an immediate debt cancelation of $1 trillion and give the struggling countries another $1 trillion in Special Drawings Right.

Taking a look at the number of people reaching the poverty line following dropping incomes by 20 per cent.
The Impact of Covid-19 on Global Poverty #infographic

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