The World Bank has projected Covid-19 and worsening inequality could push an additional 198 million people into extreme poverty (on less than $1.90 a day), reversing two decades of progress. Oxfam now estimates that rising global food prices alone will push a further 65 million people into extreme poverty this year, a total of 263 million - equivalent to the populations of the UK, France, Germany and Spain combined.
Katy Chakrabortty, Oxfam head of advocacy, said: “It’s clear that a herculean response is needed to tackle the catastrophe facing humanity. Multiple global crises are causing misery for millions of people and just moving aid around to each crisis is not enough; low-income countries need debt cancellation to be able to invest in social safety nets and progressive taxation on the wealthiest is needed now more than ever to provide huge funds for protecting the most vulnerable.
“In addition to the shocking extreme poverty figures, millions of people are already experiencing severe levels of hunger across East and West Africa, Yemen and Syria. The number of undernourished people could reach 827 million this year.”
Oxfam is calling for ‘urgent action’ to tackle the extreme inequality crisis threatening to undermine the progress made in tackling poverty during the last quarter of a century.