The COVID-19 crisis could push as many as half a billion people back into poverty, claims Oxfam in their new report ‘Dignity Not Destitution’ released last week. The report presents fresh analysis which suggests between six and eight percent of the global population could be forced into poverty as governments shut down entire economies to manage the spread of the virus. Every country in the world is experiencing an economic shock as a result of the current crisis, and all governments must act now to protect their people from destitution Oxfam warns.
In Oxfam’s analysis they predict that if unchecked, the virus could take as many as 40 million lives. Yet the devastation will not end there. All over the world, the virus is having a huge economic impact as economies shut down to try and stop the spread of the disease. The International Monetary Fund (IMF) has already said that the world is heading for a recession bigger than that caused by the global financial crisis in 2008.
To respond to this economic devastation, Oxfam is proposing Economic Rescue Plan For All is needed now. The plan lays out, first, actions needed to support people and businesses, and the ways in which money can be found to help pay for these actions.
Read more about Oxfam’s plan here.