Oxfam Releases ‘First Crisis, Then Catastrophe’ Report

On 12^th April, 2022, Oxfam released a report titled “First Crisis, Then Catastrophe”.

• The Oxfam estimates are based on World Bank projections and earlier research by the World Bank and Center for Global Development.

Major Findings

Deepening Financial Crisis

The worldwide financial crisis will be mainly driven by the price inflation due to:

• Russia’s invasion of Ukraine, and
• Economic crisis caused by the COVID-19 pandemic.

Increasing Gap between Rich and Poor

• The convergence of these two events is also widening the gap between the rich and the poor at an unprecedented rate.
• Nearly half of the global populations (3.3 billion) are ....