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New Oxfam estimates show that 263 million more people could be pushed into extreme poverty in 2022, due to the combined impact of COVID-19, inequality and food and energy price inflation – accelerated by the war in Ukraine. Without urgent and bold national and international action, inequality and poverty will deepen, with poorer countries – many of which face looming debt crises – pushed deeper into poverty.

Since the start of the conflict, nearly 25,000 additional people are going hungry each day in Yemen as the blockade and fighting restrict food, fuel and other vital supplies, Oxfam warned today.

The economic crisis continues to affect many women and men living in poverty.

The UN Conference on the World Financial and Economic Crisis and Its Impact on Development was a missed opportunity to address the needs of poor countries, Oxfam said today.

The G20 should take urgent action to protect poor countries from economic crisis that is forcing 100 people-a-minute into poverty, Oxfam said today. Developing countries across the globe are struggling to respond to the global recession.

Africa is facing a crisis of extreme inequality which is undermining growth, preventing poverty eradication and contributing to insecurity. This briefing paper shows that COVID-19 has deepened this crisis, and that the responses of African governments and international financial institutions are making little difference as debt burdens grow and austerity kicks in.

Rising inequality could set the fight against poverty back by decades, Oxfam warned today as it published a new report showing that the number of billionaires worldwide has more than doubled since the financial crisis. 

The world’s leading economies must act now to stop the price of basic foods from surging further out of the reach of poor people. They must also commit to a Financial Transaction Tax (FTT) to help millions of people hit by the economic crisis and climate change.

The coronavirus pandemic is fast pushing developing countries toward a debt crisis that would be catastrophic for their fight against poverty, with the likelihood of multi-billion-dollar defaults that will hurt the entire global economy, warned Oxfam ahead of the G20 Finance Ministers’ meeting this weekend (July 18-19).  

87 percent of the International Monetary Fund’s (IMF) COVID-19 loans are requiring developing countries that have been denied equal access to vaccines and are facing some of the world’s worst humanitarian crises to adopt tough, new austerity measures that will further exacerbate poverty and inequality.