150 MILLION MORE PEOPLE IN EXTREME POVERTY. The Covid gift according to the World Bank
The World Bank predicts a disaster with an explosion of extreme poverty globally. A turnaround caused by the covid that will send almost a generation into desperate misery.
The COVID-19 pandemic is estimated to push another 88-115 million people into extreme poverty this year, with a total rising to 150 million by 2021, depending on the severity of the economic downturn. Extreme poverty, defined as living on less than $ 1.90 a day, is likely to affect between 9.1% and 9.4% of the world's population in 2020, according to the biennial report on Poverty and Shared Prosperity . This would represent a regression to the rate of 9.2% in 2017. Had the pandemic not shocked the world, the poverty rate would have dropped to 7.9% in 2020.
"The pandemic and the global recession could bring more than 1.4% of the world population into extreme poverty," said World Bank Group President David Malpass. "To reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy after COVID, allowing capital, jobs, skills and innovation to move to new technologies ". I think these words, coming from the operational branch of the IMF, you have already heard them at least a million times. The solution of the international bodies is always the same: we need to be more productive, more efficient, and, as if by a miracle, everything will work out. It is a pity that productivity is not something that is acquired from nothing, that a new economic system is not created as if by a miracle, but everything is born out of nothing, but requires a new social and fiscal policy. The IMF solution requires layoffs and the cancellation of the welfare state, that is, the deterioration of the initial situation itself. A real solution, on the other hand, requires a tax system that rates the high incomes, however produced, to allow a redistribution of income in favor of the poorer classes and therefore, automatically, an increase in internal consumption and economic growth. A recipe that you will never hear from the hypercapitalists of the IMF.
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Article 150 MILLION MORE PEOPLE IN EXTREME POVERTY. The Covid gift according to the World Bank comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/150-milioni-di-persone-in-piu-in-estrema-poverta-il-regalo-del-covid-secondo-la-world-bank/ on Tue, 13 Oct 2020 06:00:32 +0000.