AGL 5.78 Increased By ▲ 0.03 (0.52%)
ANL 8.88 Increased By ▲ 0.03 (0.34%)
AVN 78.93 Decreased By ▼ -0.57 (-0.72%)
BOP 5.29 Increased By ▲ 0.12 (2.32%)
CNERGY 4.70 Increased By ▲ 0.01 (0.21%)
EFERT 81.57 Increased By ▲ 0.47 (0.58%)
EPCL 50.96 Decreased By ▼ -0.03 (-0.06%)
FCCL 13.35 Decreased By ▼ -0.14 (-1.04%)
FFL 5.74 Decreased By ▼ -0.07 (-1.2%)
FLYNG 7.15 Decreased By ▼ -0.06 (-0.83%)
FNEL 4.82 Increased By ▲ 0.02 (0.42%)
GGGL 8.87 Increased By ▲ 0.17 (1.95%)
GGL 15.90 Increased By ▲ 0.15 (0.95%)
HUMNL 5.79 Decreased By ▼ -0.06 (-1.03%)
KEL 2.68 Increased By ▲ 0.10 (3.88%)
LOTCHEM 29.06 Decreased By ▼ -0.44 (-1.49%)
MLCF 24.99 Decreased By ▼ -0.31 (-1.23%)
OGDC 72.46 Increased By ▲ 0.01 (0.01%)
PAEL 15.35 Decreased By ▼ -0.05 (-0.32%)
PIBTL 5.06 Decreased By ▼ -0.09 (-1.75%)
PRL 16.31 Increased By ▲ 0.06 (0.37%)
SILK 1.08 Increased By ▲ 0.01 (0.93%)
TELE 9.39 Increased By ▲ 0.09 (0.97%)
TPL 7.34 Decreased By ▼ -0.01 (-0.14%)
TPLP 18.90 Decreased By ▼ -0.26 (-1.36%)
TREET 21.95 Increased By ▲ 0.10 (0.46%)
TRG 140.87 Decreased By ▼ -1.93 (-1.35%)
UNITY 17.01 Decreased By ▼ -0.19 (-1.1%)
WAVES 9.90 Decreased By ▼ -0.13 (-1.3%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 4,255 Increased By 7.1 (0.17%)
BR30 15,733 Decreased By -28.8 (-0.18%)
KSE100 42,394 Increased By 44.9 (0.11%)
KSE30 15,664 Increased By 31.9 (0.2%)
World

Covid condemns billions to poverty for a decade: Oxfam

  • "Extreme inequality is not inevitable, but a policy choice," said Gabriela Bucher, executive director of Oxfam International.
Published January 25, 2021
Follow us

PARIS: The Covid-19 crisis is aggravating inequality, with the richest quickly getting richer while it will likely take years for the world's poorest to recover, anti-poverty group Oxfam said Monday.

In a report entitled "The inequality virus", the group warned that the pandemic is the first time since records began that inequality is rising in virtually every country at the same time.

"The 1,000 richest people on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover," said the Oxfam report.

Oxfam also highlighted the fact that the impact of the virus is also being felt unevenly, with ethnic minorities in certain countries dying at higher rates and women being over represented in the sectors of the economy that are hardest hit by the pandemic.

The report is timed to coincide with the start of the World Economic Forum's virtual Davos event: an entire week of global programming will be dedicated to helping leaders choose innovative and bold solutions to stem the pandemic and drive a robust recovery over the next year.

Oxfam argued in its report that fairer economies are the key to a rapid economic recovery from Covid-19.

It calculated that a temporary tax on excess profits made by the 32 global corporations that have gained the most during the pandemic could have raised $104 billion in 2020, an amount it said was enough to have provided unemployment benefits for all workers and financial support for all children and elderly people in low- and middle-income countries.

"Extreme inequality is not inevitable, but a policy choice," said Gabriela Bucher, executive director of Oxfam International.

"The fight against inequality must be at the heart of economic rescue and recovery efforts" with investments in public services financed by a tax system where the richest individuals and corporations pay their fair share.

Comments

Comments are closed.

Covid condemns billions to poverty for a decade: Oxfam

Pakistan's CPI-based inflation in November clocks in at 23.8%

Rupee registers gains, settles at 223.69 against US dollar

Rise in TTP attacks in Pakistan should be concern for Afghan Taliban as well: Rana Sanaullah

SBP-held foreign exchange reserves fall $327mn, stand at $7.5bn

Fawad says PTI to dissolve Punjab, KP assemblies next week

PM Shehbaz calls for ‘practical implementation’ of loss & damage fund to cope with climate challenge

EU tentatively agrees $60 a barrel price cap on Russian seaborne oil

No restrictions placed on LCs for import of oil, other petroleum products: SBP

Record-breaking England put Pakistan to the sword in first Test

Google app payments: IT ministry says issue resolved