Coronavirus crisis could plunge half a billion people into poverty: Oxfam
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
February 08, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, FEBRUARY 08, 2023
Coronavirus crisis could plunge half a billion people into poverty: Oxfam

Coronavirus chronicle

Reuters
09 April, 2020, 12:20 pm
Last modified: 09 April, 2020, 12:25 pm

Related News

  • UNFPA and BRAC host knowledge dissemination event on Covid-19
  • The supply chain crisis opens door to resilience
  • Hong Kong will give away half a million plane tickets. Here’s who can get them first
  • US to end Covid-19 emergency declarations on 11 May
  • Covid remains a public health emergency, says WHO

Coronavirus crisis could plunge half a billion people into poverty: Oxfam

The World Bank last week said poverty in East Asia and the Pacific region alone could increase by 11 million people if conditions worsened

Reuters
09 April, 2020, 12:20 pm
Last modified: 09 April, 2020, 12:25 pm
Photo: Collected
Photo: Collected

The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said today.

The report released by the Nairobi-based charity ahead of next week's International Monetary Fund (IMF)/World Bank annual meeting calculated the impact of the crisis on global poverty due to shrinking household incomes or consumption.

"The economic crisis that is rapidly unfolding is deeper than the 2008 global financial crisis," the report found.

"The estimates show that, regardless of the scenario, global poverty could increase for the first time since 1990," it said, adding that this could throw some countries back to poverty levels last seen some three decades ago.

The report authors played through a number of scenarios, taking into account the World Bank's various poverty lines - from extreme poverty, defined as living on $1.90 a day or less, to higher poverty lines of living on less than $5.50 a day.

Under the most serious scenario - a 20% contraction in income - the number of people living in extreme poverty would rise by 434 million people to 922 million worldwide. The same scenario would see the number of people living below the $5.50 a day threshold rise by 548 million people to nearly 4 billion.

Women are at more risk than men, as they are more likely to work in the informal economy with little or no employment rights.

"Living day to day, the poorest people do not have the ability to take time off work, or to stockpile provisions," the report warned, adding that more than 2 billion informal sector workers worldwide had no access to sick pay.

The World Bank last week said poverty in East Asia and the Pacific region alone could increase by 11 million people if conditions worsened.

To help mitigate the impact, Oxfam proposed a six point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid. Taxing wealth, extraordinary profits, and speculative financial products would help raise the funds needed, Oxfam added.

Calls for debt relief have increased in recent weeks as the fallout from the COVID-19 pandemic has roiled developing nations around the world.

In total, governments around the world would need to mobilise at least $2.5 trillion to support developing nations.

"Rich countries have shown that at this time of crisis they can mobilize trillions of dollars to support their own economies," the report said.

"Yet unless developing countries are also able to fight the health and economic impacts the crisis will continue and it will inflict even greater harm on all countries, rich and poor."

Top News

Oxfam / poverty / Coronavirus / COVID-19

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • RMG turns to India from China to get cheaper man-made yarn
    RMG turns to India from China to get cheaper man-made yarn
  • Country's revenue earnings were Tk40,000cr more in last fiscal: Finance Minister
    Country's revenue earnings were Tk40,000cr more in last fiscal: Finance Minister
  • The world's richest person is trying to head off a succession battle
    The world's richest person is trying to head off a succession battle

MOST VIEWED

  • Tourists ride a tour bus in Hong Kong, China October 25, 2019. REUTERS/Ammar Awad
    Hong Kong will give away half a million plane tickets. Here’s who can get them first
  • People wearing face masks following the coronavirus disease (Covid-19) outbreak are seen at Beijing Daxing International Airport in Beijing, China July 23, 2020. Photo:Reuters
    Pandemic to paradise: Chinese tourists return to Bali after three years
  • People walk outside wearing masks during the coronavirus disease (COVID-19) pandemic in the Harlem area of the Manhattan borough of New York City, New York, U.S., February 10, 2022. REUTERS/Carlo Allegri
    US to end Covid-19 emergency declarations on 11 May
  • A nurse prepares a shot for Jonathan Halter as the German embassy begins its roll out of BioNTech COVID-19 vaccines for German expatriates at a Beijing United Family hospital in Beijing, China January 5, 2023. REUTERS/Thomas Peter/File Photo
    Covid remains a public health emergency, says WHO
  • FIKE PHOTO: Medical staff moves a patient into a fever clinic at a hospital, as coronavirus disease (COVID-19) outbreaks continue in Shanghai, China, December 19, 2022. REUTERS/Aly Song
    China approves two domestically developed Covid drugs
  • People walk with their luggage at a railway station during the annual Spring Festival travel rush ahead of the Chinese Lunar New Year, as the coronavirus disease (COVID-19) outbreak continues, in Shanghai, China January 16, 2023. REUTERS/Aly Song
    Holiday trips within China surge after lifting of Covid curbs

Related News

  • UNFPA and BRAC host knowledge dissemination event on Covid-19
  • The supply chain crisis opens door to resilience
  • Hong Kong will give away half a million plane tickets. Here’s who can get them first
  • US to end Covid-19 emergency declarations on 11 May
  • Covid remains a public health emergency, says WHO

Features

Photo: Reuters

A tragedy that will also shake up the region's geopolitics

9h | Panorama
Nimah designed by Compass Architects- Wooden tiles. Photo: Junaid Hasan Pranto

Trendy flooring designs to upgrade any space

20h | Habitat
Benefits of having high ceilings in your new home

Benefits of having high ceilings in your new home

19h | Habitat
Each Reverse Osmosi plant can produce approximately 8,000 litres of drinking water a day for around 250 families. Photo: Sadiqur Rahman

A drop in the ocean of persistent water crisis

21h | Panorama

More Videos from TBS

30% companies see double-digit growth even in hard times

30% companies see double-digit growth even in hard times

12h | TBS Insight
Challenging time waiting for RMG

Challenging time waiting for RMG

18h | TBS Round Table
"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

19h | TBS Graduates
10 cricketers who have played over 400 T20 matches

10 cricketers who have played over 400 T20 matches

19h | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

6
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]