Loss of "Unskilled" Laborers and Their Income, Rise of Poverty
According to an Oxfam report published before virtual meetings of finance ministers of the G20 group of leading developed and developing nations, the International Monetary Fund and the World Bank,by the end of the pandemic over half of the world’s population of 7.8 billion people could be living in poverty.
The UN, which says $2.5tn is needed to support developing countries through the crisis, says nearly half of all jobs in Africa could be lost. Oxfam has since called for an emergency rescue package that would enable poor countries to provide cash grants to those who have lost their income and to bail out vulnerable small businesses.
Especially in the hardest-pressed countries of sub-Saharan Africa, north Africa and the Middle East.
HOW IS THIS ISSUE GROWING BECAUSE OF COVID-19?
More than half a billion more people could be pushed into poverty unless urgent action is taken to bail out poor countries affected by the economic fallout from the COVID-19 pandemic, Oxfam has warned. 50% of the workforce in Africa is projected to lose their jobs, with workers in the oil and tourism industry expected to take the heaviest impact. This pattern may also be the case for many developing countries.
WHO ARE THE STAKEHOLDERS?
Unskilled labourers, vulnerable communities already in poverty or the edge of poverty, industries hit by the crisis (such as the oil and tourism industries in African countries), small businesses; governments, trade unions, international organisations such as IMF, World Bank, the UN, Oxfam
GROUPS WORKING ON THIS ISSUE
Oxfam; G20; the IMF; World Bank