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The super-rich have already recovered from losses due to the pandemic – it may take the poor a decade

The super-rich have already recovered from losses due to the pandemic - it may take the poor a decadeThe super-rich have already recovered from losses due to the pandemic – it may take the poor a decade

It took nine months for the world‘s 1,000 largest billionaires to recoup their fortunes after the peak of the coronavirus pandemic.

According to Oxfam International’s Annual Inequality Report, the poorest people in the world can it will take more than ten years to recover.

In a report released Sunday ahead of a series of virtual meetings political and financial leaders at the World Economic Forum (WEF), which is usually held in Davos at Switzerland, outlines the results of a scattered impact study coronavirus around the world. The pandemic could for the first time increase economic inequality in almost every country at once, as Oxfam analysts have found..

«We will be witnessing the greatest rise in inequality since the recording began. Deep divide between rich and poor turns out to be as deadly as the virus», – said Gabriela Bucher (Gabriela Bucher), Oxfam CEO. «A complex economy is channeling wealth towards the wealthy elite who are surviving the pandemic in luxury, while those at the forefront of the pandemic – salespeople, healthcare workers and market traders – struggle to pay bills and provide at least food.».

The coronavirus, which has infected nearly 100 million people and killed more than 2.1 million worldwide, has drawn attention to the issue of inequality. How people cope depends on race, gender, and income..

For example, according to Oxfam, about 22,000 black and Hispanic Americans would be alive as of December if these groups were dying of the virus at the same rate as white Americans..

And 112 million fewer women would be at risk of losing income or losing their jobs if men and women were equally represented in sectors affected by the pandemic.

Meanwhile, the rich are generally doing well with the ravages of Covid-19. Although stock markets crashed in the early months of the pandemic, they rebounded quite quickly – thanks in part to unprecedented economic aid provided by governments.

According to Oxfam estimates, worldwide billionaire wealth has grown by $ 3.9 trillion from mid-March to late December.

But the number of people living in poverty could rise to 500 million last year, according to a study by the UN University’s World Institute for Development Economics, which Oxfam was quoted as saying..

Other reports have also shown that the poor have been hit hard by the pandemic. Separate World Bank study in October found pandemic could lead to extreme poverty of up to 60 million people.

To combat this growing inequality, governments must ensure everyone has access to the Covid-19 vaccine and financial support if they lose their jobs, Bucher said. In addition, she said, it is time for long-term investments in public services and low-carbon sectors to create millions of jobs and ensure everyone has access to education, health and social services..

In the United States, Oxfam has called on Congress to pass an economic recovery plan to invest in «green» jobs and support for the childcare industry to help women get back to work and provide additional assistance in the global fight against the coronavirus pandemic.

«These measures should not «temporary superficial assistance» in desperate times, and «the new norm» in an economy that works for the benefit of all people, not just a select few», – Bucher said.

The president Joe Biden offered a $ 1.9 trillion economic aid package for the coronavirus pandemic, which includes additional stimulus payments, unemployment benefits, and food and housing assistance. He said he will present a plan for economic recovery next month..