Charity group Oxfam has warned that a recession caused by Covid-19 could push an extra half a billion people into poverty – 8 percent of the world’s population – unless urgent action is taken.
A global recession could reverse up to three decades of improvements in living standards and, according to one estimate, push 420-580 million people worldwide into poverty. The World Food Program, has warned that COVID-19 will likely double the number of people suffering from acute hunger, to 265 million.
- COVID-19 could spark a global recession, reversing up to three decades of improvements in living standards.
- According to one estimate, 420-580 million people worldwide could be pushed into poverty.
- It’s vital that governing bodies and world banks work together to support the countries than are unable to support themselves, write two former world leaders and two economists.
The most serious scenario involves a 20 percent fall in income which would result in an additional 548 million people earning less than the World Bank poverty threshold of $5.50 per day.
Poverty rate increased from 7.2 percent to 9.8 percent
Between 2015 and 2018, the poverty rate in Thailand increased from 7.2 percent to 9.8 percent, and the absolute number of people living in poverty rose from 4.85 million to over 6.7 million. The increase in poverty in 2018 was widespread – occurring in all regions and in 61 out of 77 provinces.
Although lockdowns are being eased in many places, the daily number of new COVID-19 cases worldwide recently reached its highest level yet, while the pandemic’s devastating economic toll continues to mount as new epicenters arise in the emerging and developing world.
We are at a critical moment, because the poorest countries in Africa, Asia, and Latin America are facing economic and public-health emergencies that demand immediate action. A diverse group of middle-income economies need help, too. Together, these countries represent nearly 70% of the world’s population and account for approximately one-third of global GDP.
Thailand relaxes COVID-19 measures to help revive economy
During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.
Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
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