Jubilee Post News & Views
Special Desk
While the world struggles with the COVID-19 pandemic here is a news about millions being effected with the economics. The World Bank has warned that up to 60m people may be pushed into extreme poverty by the coronavirus.
As business comes to a halt along with transport, industries, the warning comes for several nations.
President of the World Bank David Malpass said the bank expects global economic growth to shrink by 5% this year as nations across the globe deal with the pandemic. This has already led to millions losing their jobs and businesses failing, with poorer countries already feeling the brunt.
Millions of livelihoods have been destroyed and healthcare systems are under strain worldwide, he said. Our estimate is that up to 60 million people will be pushed into extreme poverty – that erases all the progress made in poverty alleviation in the past three years, Malpass warned.
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The World Bank defines extreme poverty as living on less than $1.90 per person per day. The Washington-based lender is offering $160bn in grants and low-interest loans to help poor countries tackle the crisis. Malpass said that 100 countries, home to 70% of the world’s population, had already been granted emergency finance.
The World Bank worked with the International Monetary Fund (IMF) on a scheme to allow poorer countries to request debt relief on repayments of loans owed to G20 members until the end of this year.
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