According to a new report by the anti-poverty group Oxfam, the world’s richest people have recovered their losses in nine months, while the number of people living in poverty has more than doubled to more than 500 million.
According to the study, it may take a decade for the world’s poorest people to regain their financial status from the devastation caused by the coronovirus epidemic, which says the novel coronavirus accelerated a trend towards widening income inequality is. Oxfam’s report will be released to coincide with the World Economic Forum’s Davos agenda, which is scheduled to go online this year rather than the traditional collection of global movers and shakers in the Swiss ski resort city of Davos.
America’s richest people have seen their wealth soar high during an epidemic of more than $ 1 trillion, thanks to a fast-growing stock market and a K-shaped recovery that has benefited the rich, while the poor People are struggling with lost wages and jobs and future opportunities. It is a rich versus spoiled event that is emulating worldwide. Oxfam described the impact of the epidemic as “the largest increase in inequality since records began”.
Oxfam called on the Biden administration and other governments around the world to address the disparities caused by the epidemic. In the US, it said, a “multi-trillion-dollar economic recovery plan” is needed to help tens of millions of Americans suffering from the economic impact of the epidemic. President Joe Biden has proposed a $ 1.9 trillion relief package, though it has not yet been taken by Congress.
Paul O’Brien, vice president of Oxfam America, said in a statement, “Now is not the time to sneak around the edges. We need bigger and bolder action for a more dignified future where everyone can succeed.”
Economists from 79 countries polled by Oxfam said their countries predicted that there would be a “large increase” in income inequality due to the epidemic. The economists surveyed included Jeffrey Sachs of Columbia University, Jayati Ghosh at the University of Massachusetts Amherst, and Gabriel Zukman of the University of California at Berkeley.
High unemployment for women and people of color
The epidemic has particularly highlighted the inequalities faced by women and people of color who have faced high rates of unemployment during the epidemic. They are also more likely to work in high-risk industries of COVID-19 risks, such as service-based jobs in health care and restaurants. Oxfam said 7 out of 10 workers comprise the global health and social care workforce.
Oxfam International Executive Director Gabriella Butcher said, “Women and marginalized racial and ethnic groups are suffering the brunt of this crisis. They are more likely to be pushed into poverty, more likely to starve and be excluded from healthcare Chances are. ” The statement said.