Oxfam: Virus Could Drive Half a Billion People Into Poverty Worldwide

Migrants workers rest inside a workshop after it was shut due to the 21-day nationwide lockdown to slow the spread of the coronavirus disease (COVID-19), in Mumbai, India, April 7, 2020. REUTERS/Prashant Waydande
Migrants workers rest inside a workshop after it was shut due to the 21-day nationwide lockdown to slow the spread of the coronavirus disease (COVID-19), in Mumbai, India, April 7, 2020. REUTERS/Prashant Waydande
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Oxfam: Virus Could Drive Half a Billion People Into Poverty Worldwide

Migrants workers rest inside a workshop after it was shut due to the 21-day nationwide lockdown to slow the spread of the coronavirus disease (COVID-19), in Mumbai, India, April 7, 2020. REUTERS/Prashant Waydande
Migrants workers rest inside a workshop after it was shut due to the 21-day nationwide lockdown to slow the spread of the coronavirus disease (COVID-19), in Mumbai, India, April 7, 2020. REUTERS/Prashant Waydande

The fallout from the coronavirus spread that has killed more than 83,000 people and wreaked havoc on economies around the world could push around half a billion people into poverty, Oxfam said on Thursday.

The report released by the Nairobi-based charity ahead of next week's International Monetary Fund (IMF)/World Bank annual meeting calculated the impact of the crisis on global poverty due to shrinking household incomes or consumption.

"The economic crisis that is rapidly unfolding is deeper than the 2008 global financial crisis," the report found.

"The estimates show that, regardless of the scenario, global poverty could increase for the first time since 1990," it said, adding that this could throw some countries back to poverty levels last seen some three decades ago.

The report authors played through a number of scenarios, taking into account the World Bank's various poverty lines - from extreme poverty, defined as living on $1.90 a day or less, to higher poverty lines of living on less than $5.50 a day.

Under the most serious scenario - a 20% contraction in income - the number of people living in extreme poverty would rise by 434 million people to 922 million worldwide. The same scenario would see the number of people living below the $5.50 a day threshold rise by 548 million people to nearly 4 billion.

Women are at more risk than men, as they are more likely to work in the informal economy with little or no employment rights.

"Living day to day, the poorest people do not have the ability to take time off work, or to stockpile provisions," the report warned, adding that more than 2 billion informal sector workers worldwide had no access to sick pay.

The World Bank last week said poverty in East Asia and the Pacific region alone could increase by 11 million people if conditions worsened.

To help mitigate the impact, Oxfam proposed a six-point action plan that would deliver cash grants and bailouts to people and businesses in need, and also called for debt cancellation, more IMF support, and increased aid. Taxing wealth, extraordinary profits, and speculative financial products would help raise the funds needed, Oxfam added.

Calls for debt relief have increased in recent weeks as the fallout from the COVID-19 pandemic has roiled developing nations around the world.

In total, governments around the world would need to mobilise at least $2.5 trillion to support developing nations.

"Rich countries have shown that at this time of crisis they can mobilize trillions of dollars to support their own economies," the report said.

"Yet unless developing countries are also able to fight the health and economic impacts the crisis will continue and it will inflict even greater harm on all countries, rich and poor."



Vatican Cancels Pope’s Weekend Engagements as He Battles ‘Complex’ Infection 

Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
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Vatican Cancels Pope’s Weekend Engagements as He Battles ‘Complex’ Infection 

Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)

Pope Francis, who began his fifth day in hospital on Tuesday for what doctors have described as a "complex" respiratory infection, will not take part in this weekend's Holy Year events, the Vatican said on Tuesday.

The 88-year-old pontiff has been suffering from a respiratory infection for more than a week and was admitted to Rome's Gemelli hospital on Friday.

A planned public papal audience set for Saturday had been cancelled "due to the health condition of the Holy Father", the Vatican said in a brief statement.

A papal mass scheduled for Sunday will still take place, but will be led instead by a senior Vatican official, it added.

The Vatican said on Monday that doctors had changed the pope's drug therapy for the second time during his hospital stay to tackle a "complex clinical situation". They described it as a "polymicrobial infection of the respiratory tract".

Doctors say polymicrobial diseases can be caused by a mix of viruses, bacteria and fungi.

Francis, who has been pontiff since 2013, has had influenza and other health problems several times over the past two years. As a young adult he developed pleurisy and had part of one lung removed, and in recent times has been prone to lung infections.