Global cost of coronavirus: $11.7 trillion
Out of this global cost, $9.8 trillion (83%) has been spent by 36 rich nations against just $42 billion (0.4%) by 59 low-income countries to cope with the fallout from the COVID-19 pandemic, Oxfam said
BusinessToday.In | December 16, 2020 | Updated 17:46 IST
The world has spent an additional $11.7 trillion this year to cope with the fallout from the coronavirus pandemic
The coronavirus pandemic has cost the world s economy an additional $11.7 trillion this year, according to Oxfam. Out of this (global) cost, $9.8 trillion (83%) has been spent by 36 rich nations against just $42 billion (0.4%) by 59 low-income countries to cope with the COVID-19 pandemic, the international NGO noted in a release published on Tuesday, December 15.
Over 30% of global population got no state aid during COVID-19 pandemic: Oxfam
The world s wealthiest nations have only increased aid to developing countries by $5.8 billion
Reuters | December 16, 2020 | Updated 10:00 IST The coronavirus united the world in fear but has divided it in response, said Oxfam Executive Director Gabriela Bucher
More than a third of the world s population - some 2.7 billion people - has not received government aid during the coronavirus pandemic, Oxfam said on Tuesday, with gaping differences between rich and poor countries. An analysis of World Bank data conducted by the Nairobi-based charity found that while $9.8 trillion of aid was spent by 36 wealthy nations, 59 low-income countries spent only $42 billion to cope with the economic fallout of the pandemic.
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December 16, 2020
OXFORD: A new Oxfam report has revealed that around a third of the world’s population has had no state assistance during the coronavirus pandemic. It noted huge gaps between rich and poor countries.
Global economic inequality has caused poverty and hunger to soar during the coronavirus crisis, Oxfamsaid in a report published on Tuesday.
The “Shelter from the Storm” report highlighted the chasm between richer and poorer countries in both how they were affected by the crisis and their means to deal with it.
Half a billion people are now underemployed out of work, with women and people from low-income countries worst hit.Of the $11.7 trillion (€9.62 trillion) spent in 2020 in state aid and support for those affected by the outbreak and the subsequent lockdowns, 83% some $9.8 trillion was spent by 36 rich countries in comparison to just 0.4% or $4.2 billion spent by 59 poorer countries.
COVID-19, the great unequalizer
Of the $11.7 trillion (€9.62 trillion) spent in 2020 in state aid and support for those affected by the outbreak and the subsequent lockdowns, 83% some $9.8 trillion was spent by 36 rich countries in comparison to just 0.4% or $4.2 billion spent by 59 poorer countries.
How did this global failure happen? The coronavirus united the world in fear but has divided it in response, said Oxfam Executive Director Gabriela Bucher. The pandemic sparked a laudable global effort that reached more than a billion more people with social protection support over 2020 but, as of today, more people still have been left behind entirely. That need not be so.
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