The COVID-19 pandemic will bring tens of millions of people to extreme poverty
The coronavirus pandemic hit the global economy badly вЂ” 60 million people could end up in extreme poverty. This statement was made by World Bank President David Malpass in an interview with BBC Radio 4.
вЂњDue to the activity of coronavirus, 60 million people may be inвЂњ extreme poverty. вЂќ The immediate effects of income loss, as well as the medical and social consequences, are really serious,вЂќ Malpass said.
According to him, more than 60 million people may be in a situation where they have to live on less than 1 pound a day.
The World Bank President noted that the coronavirus pandemic is a вЂњharmful blowвЂќ to the global economy. This will affect billions of incomes. The economic consequences of the coronavirus crisis can last for decades.
We add that the World Bank defines вЂњextreme povertyвЂќ as a condition if a person lives on less than 1.90 US dollars (1.55 pounds) per day.
Recall, it was previously reported that G20 countries invest more than $5 trillion in the global economy to overcome the financial consequences of the coronavirus pandemic.