A report from international anti-poverty group Oxfam warns that the worldwide COVID-19 pandemic and its associated impacts could push an additional half million people into poverty—between six and eight percent of the world population.
The problems are fundamental. Poorer and developing nations will face the same pandemic threats as rich nations, but both have less available tools to fight the virus and less ability to prop up their economies during and after shutdowns. The resulting poverty would be long-lasting.
Oxfam recommends several measures, including the forgiveness of $1 trillion in debt owed by developing nations and access to $1 trillion in international reserves to allow nations to scale up healthcare spending and provide economic relief to citizens. Additional billions would be distributed in direct aid. You can read the report here.