New Report Highlights How COVID Lockdowns Helped the Rich Get Richer and Decimated the Poor
Free Thought Project
Scoop Publisher Francesco Abbruzzino
A new report from the Oxford Committee for Famine Relief has revealed that the economic recession in the wake of the world’s Covid-19 lockdown is over. That is, it is over for the wealthy elite, whom have recuperated from their financial losses in record time. Unfortunately the report states that billions of people globally will continue to feel the sting of devastating economic impacts for more than a decade to come.
The Oxfam report, titled “The Inequality Virus”, was published on the first day of the World Economic Forum’s Davos agenda meeting. It exemplifies the stark contrast of wealth inequality between the global elite and the average individual; as it indicates Covid-19 has the potential to increase economic inequality in almost every country simultaneously.
The report states — “Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels”
“A new global survey of 295 economists from 79 countries, commissioned by Oxfam, reveals that 87 percent of respondents, including Jeffrey Sachs, Jayati Ghosh and Gabriel Zucman, expect an ‘increase’ or a ‘major increase’ in income inequality in their country as a result of the pandemic.
Oxfam’s report shows how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet. It reveals how the pandemic is deepening long-standing economic, racial and gender divides.”
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