The gap between the rich and the poor only grew larger with COVID-19 The 1,000 richest people on the planet recouped their COVID-19 losses in just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, revealed a new Oxfam report released yesterday (January 25, 2021). “The Inequality Virus” was published on the opening day of the World Economic Forum’s Davos Dialogues. The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly white male billionaires, to bounce back. A new global survey of 295 economists from 79 countries, commissioned by Oxfam, reveals that 87 per cent of respondents, including Jeffrey Sachs, Jayati Ghosh, and Gabriel Zucman, expect an “increase” or a “major increase” in income inequality in their country as a result of the pandemic. The report reveals how the pandemic is deepening long-standing economic, racial,… Read full this story
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