Oxfam – The Inequality Virus

The Report titled as – The Inequality Virus was released by Oxfam International.According to the report, it took just nine months for the fortunes of the top 1,000 billionaires to return to their pre-pandemic levels, while for the world’s poorest, recovery could take more than a decade. It makes significant observations regarding the effects of COVID on poor and destitute.

• Rise in Number of Poor: It is estimated that the total number of people living in poverty could have increased by between 200 million and 500 million in 2020, which will reverse the decline in global poverty witnessed over the past two decades. More than two-thirds of the people newly forced into poverty will be in South Asia and in East Asia and the Pacific
• Rising Inequalities: Globally, billionaires’ wealth has increased by a staggering $3.9 trillion between March and December 2020, creating a wide gulf between the rich and poor.
• School closures and increased Poverty: In 2020, more than 180 countries temporarily closed their schools, leaving close to 1.7 billion children and youth out of school.

Way Forward

• Dealing with Inequality: Fighting inequality must be at the heart of economic rescue and recovery efforts. A radical and sustained reduction in inequality is the indispensable foundation of the new world.
• Caring Economies: Governments must invest in free universal healthcare, education, care and other public services for the people.
• Ending Exploitation and Ensuring Income Security: Guaranteed income security is essential along with job security, labour rights, sick pay, paid parental leave and unemployment benefits if people lose their jobs.
• Rich must pay Fair Share: Richest individuals and big corporations must pay their fair share of taxes.
• Climate Safety: Climate breakdown is the biggest threat ever to human existence. Climate safety must protect the lives and livelihoods of all, especially the poorest, economically excluded and historically oppressed communities.