More than a decade is how long it would take the world’s poorest to recover, according to Oxfam International’s annual inequality report.
The report, released on Sunday ahead of the World Economic Forum’s virtual meeting of political and financial leaders, which usually took place in Davos, Switzerland, shows the disappearing impact of the virus on the globe. The pandemic could increase economic inequality in almost every country simultaneously, the first time this has happened, Oxfam found.
“We are witnessing the greatest increase in inequality since the beginning of the recordings. The deep divide between rich and poor is proving to be as deadly as the virus,” said Gabriela Bucher, Oxfam’s chief executive. “Deceived economies are directing wealth to a wealthy elite moving away from the luxury pandemic, while those on the front line of the pandemic – shop assistants, health workers and market vendors – are struggling to pay their bills and food on the table. ”
Coronavirus, which has infected nearly 100 million people and killed more than 2.1 million globally, has thrown inequality into the spotlight. The way people do things is different depending on race, gender and gender.
For example, nearly 22,000 black and Hispanic Americans would still be alive in December if these groups died of the virus at the same rate as white Americans, according to Oxfam.
And 112 million fewer women would risk losing their incomes or jobs if men and women were equally represented in the sectors affected by the pandemic.
Meanwhile, the rich generally endure the storm of Covid. Although stock markets collapsed in the first months of the pandemic, they screamed back – in part due to unprecedented economic assistance from governments.
Worldwide, the wealth of billionaires increased by 3.9 trillion dollars between mid-March and the end of December, Oxfam calculated.
But the number of people living in global poverty could have risen by up to 500 million last year, according to a study by the UN University’s World Institute for Development Economics Research, quoted by Oxfam.
Other reports also found that the pandemic greatly hurt the poor. A separate World Bank study in October found that the pandemic could push up to 60 million people into extreme poverty.
To combat this growing inequality, governments should ensure that everyone has access to a Covid-19 vaccine and financial support if they lose their jobs, Bucher said. It is also the time for longer-term investment in public services and low-carbon sectors to create millions of jobs and ensure access to education, health care and social assistance for all, she said.
In the US, Oxfam has called on Congress to adopt an economic recovery plan that invests in green jobs and supports the childcare industry, which will help women return to work and provide more aid in the global fight against the 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 the underprivileged,” Bucher said.
President Joe Biden has proposed a $ 1.9 trillion package for coronavirus and economic aid, which includes additional incentive payments, unemployment benefits and nutritional and housing assistance. He said he would unveil an economic recovery plan next month.
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