inequality

The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, reveals a new Oxfam report today. "The Inequality Virus" is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’.

Up to a quarter of a billion people are at risk of falling into extreme poverty this year due to the COVID-19 pandemic, climate crisis and the crisis in Ukraine. Global inequality threatens to rise massively unless more is done to effectively address this situation.
 

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.

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.

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

The COVID-19 death toll has been four times higher in lower-income countries than in rich ones, according to a new report published today by Oxfam on behalf of the People’s Vaccine Alliance as the world marks two years since the World Health Organization declared the pandemic. 

The human and economic cost of COVID-19 has been staggering, in terms of lives lost, human suffering, and economic damage. As we mark two years since the official pandemic was declared, we still have a chance to gain the upper hand on the virus, but only if everyone, everywhere has access to vaccines and treatments.

Responding to the publication of the IPCC’s Working Group II report assessing climate change impacts, adaptation and vulnerability, Oxfam’s Climate Policy Lead Nafkote Dabi said: "This catalogue of pain, loss and suffering must be a wake-up call to everyone. The poorest who have done the least to contribute to climate change are suffering the most and we have a moral responsibility to help those communities adapt."

COVID-19 has pushed millions into poverty in East Africa, and worsened inequality. However, building back during and after the pandemic offers East African governments a once-in-a-generation opportunity to do what their citizens want: make their economic systems fairer by increasing taxes on wealthy and large corporations, boost public spending, and improving workers’ rights.