He pandemic income inequality has worsened, with the world’s richest people recovering their losses in nine months, while the number of people living in poverty has doubled to over 500 million, according to a new report from the anti-poverty group Oxfam.
The world’s poorest could take a decade to recover their financial level from the devastation caused by the coronavirus pandemic, according to the study, which says the new coronavirus has accelerated a continuing trend toward widening inequality. ‘income. The Oxfam report will be published to coincide with the Davos Agenda for the World Economic Forum, which will take place online this year instead of the traditional meeting of global removals and agitators in the Swiss city of Davos ski resort .
America’s richest people have seen their wealth soar during the pandemic by more than $ 1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while the poorest people have struggled with the loss of wages and jobs and future opportunities. It is a rich versus poor phenomenon that is replicated around the world. Oxfam describes the impact of the pandemic as “the largest increase in inequality since records began.”
Oxfam called on the Biden administration and other governments around the world to address the inequalities caused by the pandemic. He said the United States needs a “multi-trillion-dollar economic recovery plan” to help the tens of millions of Americans suffering from the economic impact of the pandemic. President Joe Biden has proposed a $ 1.9 trillion aid package, although it has not yet been accepted by Congress.
“This is not the time to play on the edges. We need big, bold actions for a more dignified future where everyone can thrive, not just survive,” Paul O’Brien, vice president of Oxfam America, said in a statement.
Economists in 79 countries surveyed by Oxfam said they projected their countries would experience an “increase” to a “significant increase” in income inequality due to the pandemic. Economists surveyed included Jeffrey Sachs of Columbia University, Jayati Ghosh of the University of Massachusetts Amherst and Gabriel Zucman of the University of California at Berkeley.
Higher unemployment for women and people of color
The pandemic has especially exposed the inequalities faced by women and people of color, who have suffered higher unemployment rates during the pandemic. They are also more likely to work in industries with a higher exposure to COVID-19 risks, such as jobs based on health care services and restaurants. Women make up 7 out of 10 workers on the global health and welfare workforce, Oxfam noted.
“Marginalized women and ethnic and racial groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, hungrier and more excluded from health,” Gabriela Bucher, executive director of Oxfam International, said. say in the statement.