Global RiskNews Briefs

Half billion more people face poverty due to virus

According to a report based on research from King’s College London and the Australian National University, approximately half a billion people could be pushed under their respective poverty lines due to economic fallout from the COVID-19 pandemic. The report states that this will likely occur unless wealthier countries take aggressive and urgent action to aid developing nations.

Oxfam has warned that failing to aid developing countries may result in the fight against poverty being set back by a decade, and up to 30 years in some areas like Africa and the Middle East. The report warns that between 6% and 8% of the global population could face poverty as entire economic sectors are shut down to contain the virus outbreak. The report also states that in Bangladesh, for example, more than a million garment workers have already been laid off or sent home without pay.

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