LONDON —
Fallout from the
Ukraine conflict, growing inequality and COVID-19 could force
more than a quarter of a billion people into extreme poverty this year, Oxfam
forecast Tuesday.
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The British-based charity issued the warning
in a report published before next week’s annual meetings of the World Bank and
International Monetary Fund.
“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,” Oxfam said.
“Poorer countries face looming debt crises
and the purchasing power of wages is depressed, while corporate profits soar
and billionaire wealth reaches unprecedented levels.”
The World Bank had previously estimated that
198 million people faced extreme poverty — defined as living on less than $1.90
per day — due to the COVID pandemic.
Another 65 million people are at risk due to
fallout from
Russia’s Ukraine invasion — including soaring energy and food
prices.
The total number of people in extreme poverty
worldwide could reach 860 million.
Oxfam called for an immediate global economic
rescue plan to tackle the vast problem.
“G20 leaders, the
IMF and
World Bank,
together with all leaders, must act,” it declared.
“They must protect people from the crisis’
harsh impacts.”
The organization urged debt cancellation and
more aid for the world’s poorest nations, while calling for higher taxation on
the wealthy.
“It’s clear that a herculean response is
needed to tackle the catastrophe facing humanity,” said Katy Chakrabortty, the
charity’s head of policy.
“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.”
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