AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
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

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.