pandemic it has exacerbated income inequality, with the world’s richest people regaining their losses in nine months, while the number of people living in poverty has doubled to more than 500 million, according to a new report by the anti-poverty group Oxfam.
The world’s poorest could take a decade to regain their financial base from the devastation caused by the coronavirus pandemic, according to the study, which says the new coronavirus has accelerated a continuing trend toward rising income inequality. The Oxfam report will be launched to coincide with the World Economic Forum’s Davos Agenda, which is set to take place online this year, rather than its traditional gathering of global drivers and agitators in the Swiss resort of Davos.
The richest people in America have seen their wealth grow during the pandemic by more than $ 1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while poorer people have they struggled with losing wages and jobs and future opportunities. It is a rich phenomenon compared to the poor, which reproduces all over the globe. Oxfam describes the impact of the pandemic as “the largest increase in inequality since recordings began”.
Oxfam called on the Biden administration and other governments around the world to address the inequalities caused by the pandemic. In the United States, he said, a “multi-billion dollar economic recovery plan” is needed to help the tens of millions of Americans suffering from the economic impact of the pandemic. President Joe Biden has proposed a $ 1.9 trillion aid package, although it has not yet been taken over by Congress.
“Now is not the time to fight on the sidelines. We need big and bold action for a more dignified future in which everyone can thrive, not just survive,” said Paul O’Brien, Oxfam America’s vice president. a statement.
Economists in 79 countries surveyed by Oxfam said they projected that their countries would experience a “rise” to a “major increase” in income inequality due to the pandemic. The economists surveyed included Jeffrey Sachs of Columbia University, Jayati Ghosh of the University of Massachusetts Amherst and Gabriel Zucman of the University of California at Berkeley.
Higher unemployment for women and people of color
The pandemic exposed in particular the inequalities faced by women and people of color, who suffered higher unemployment rates during the pandemic. They are also more likely to work in industries with a higher exposure to COVID-19 risks, such as jobs based on health care services and restaurants. Women make up 7 out of 10 workers in the global health and social workforce, Oxfam said.
“Marginalized ethnic and racial women and groups bear the brunt of this crisis. They are more likely to be pushed into poverty, they are more likely to starve and to be excluded from healthcare,” said Gabriela Bucher, executive director of Oxfam International. stated in the statement.