Coronavirus crisis could force half a billion people into poverty worldwide: Report

Amidst coronavirus pandemic, Oxfam has reportedly warned that half a billion people could be pushed into poverty. According to a report that was recently released by Nairobi-based charity, impact of crisis can have dire consequences on global poverty levels due to shrinking household incomes and consumption.

Worse than ' 2008 financial crisis'

As per report, ecomic fallout from coronavirus could be worse than 2008 global financial crisis. report indicates that global poverty level could go up for first time since 1990. report also ded that crisis could send some vulnerable countries three deces back.

According to report, in most serious scenario, number of people living in poverty (living on less than $5.50 a day) could rise by 434 million people to 922 million worldwide. report also indicated that women were more at risk than men because y were more likely to work in informal sector which has little to employment rights.

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World Bank report

According to reports, World Bank on March 30 warned that due to impact of coronavirus, China’s growth could come to a standstill and also drive 11 million people in East Asia into abject poverty.

As per reports, Aitya Mattoo, World Bank chief ecomist for East Asia and Pacific claimed that virus h caused an unprecedented shock and this could bring growth to a screeching halt and as a result increase rate of poverty and unemployment across region. As per organisation's report, region will see a sharp drop in growth and China’s growth is reportedly expected to fall down to 2.3 per cent from 6.1 per cent in 2019.

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Re: COVID-19 May Push 11 Million Into Poverty, Cut China's Growth Rate By Half: World Bank

Due to coronavirus, millions of people are in some form of lockdown in an effort to try and contain spre of dely virus. According to reports, manufacturing activity and industrial production in China reduced for first time in 30 years. According to World Bank report, even in best-case scenario of a strong recovery after a sharp slowdown can result in almost 24 million fewer people in region escaping poverty. In worst-case scenario, 11 million people could w descend into poverty if slowdown is followed by a sluggish recovery.

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