Up to a third of the world’s people have no safety net to buffer COVID-19’s economic blows, a new Oxfam report shows.
While many wealthy countries rolled out a “whatever it takes” approach, few low- and middle-income countries can offer much support for basic needs during the pandemic. The disparities:
- $695 per person (rich countries)
- $28 (middle-income countries)
- $4 (for some low-income countries)
As a result—barring emergency interventions—”the number of people living in poverty is set to increase sharply for the first time in decades, Ana Arendar, Oxfam Head of Inequality Campaign, said in a statement.
However, a universal approach to social protection—exemplified by countries including South Africa, Bolivia, and Namibia—can be affordable and profoundly reduce inequality, the report illustrates.