ABSTRACT

First Crisis, Then Catastrophe: Unless G20 Leaders, the IMF and the World Bank Act Immediately, Crises of Inflation, Inequality and COVID-19 Could Push Over a Quarter of a Billion More People into Extreme Poverty in 2022   [open pdf - 0B]

From the Summary: "The crises of extreme inequality, unprecedented food and energy price inflation accelerated by the war in Ukraine and COVID-19 [coronavirus disease 2019] are converging to create a catastrophe for the world's poorest people. New Oxfam estimates, building on World Bank projections and prior research conducted by the World Bank and Center for Global Development on food price spikes, show that over a quarter of a billion more people could be pushed into extreme poverty in 2022 . The combined impact of COVID-19, inequality and food price hikes could result in 263 million 'more' people living in extreme poverty this year, resulting in a total of 860 million people living below the $1.90 a day extreme poverty line. This would be an extraordinarily damaging rise that reverses decades of progress in the fight against poverty. [...] The G20 [Group of 20], IMF [International Monetary Fund] and World Bank all meet in the next two weeks. Sticking to the status quo is not without consequence - it will result in harm to people the world over. Amid exceptionally challenging political circumstances, it is urgent that leaders take responsibility to advance action that averts catastrophe for billions of people. And in doing so, they have the chance to show we can rewrite the rules of our economy so that everyone, including the richest countries, richest people and corporations, play their part and pay their fair share of taxes; so that governments have the needed fiscal space and are not servicing their debts at the expense of delivering strong universal public services required to protect their populations at all times but especially in times of crisis; so that decent work exists for all; and so we get on track to stop climate breakdown in the few years that we have left. That is the job of creating a more equal world and that job must begin now."

Publisher:
Date:
2022-04-12
Series:
Copyright:
Oxfam International
Retrieved From:
Oxfam International: https://www.oxfam.org/
Media Type:
application/pdf
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