Since the arrival of the Kovid-19 in December last year, the global death toll has crossed the 300,000 mark, with expectations rising over time. However, the ultimate number of people who are infected by the epidemic will greatly reduce the number of people who die from the virus. In view of this, the virus is not able to adequately capture the previous numbers of people suffering from hunger, poverty, disease and violence. According to World Bank estimates, Kovid-19 is expected to be the first increase in world poverty since 1998. While it is difficult to ascertain the exact magnitude of poverty against the current theme of this devastating epidemic in this developed period, recent estimates suggest that by 2020, 40-60 million people worldwide will be driven into extreme poverty.
Using the poverty line of 90 1.90 per day, the share of the world’s population living in poverty is estimated to rise from 8.2% to 8.6%, a huge increase from 632 to 665 million people. The United Nations (UN) estimates that more than half a billion people are in deep depression, and developing countries need $ 2.5 trillion to escape poverty. Prior to the arrival of the coronavirus, forecasts prepared by the World Economic Forum predicted that global poverty would fall from 8.1% to 7.8%. Therefore, it is disappointing to see that those who have previously been able to escape the ravages of poverty have now escalated due to the onset of this epidemic. These numbers are of concern to marginal populations who are more likely to die of starvation than those who are infected.
The situation of scarcity and vulnerability is worse in areas where the virus has the most damaging effect and the highest proportion of the population living close to the international poverty line. The International Monetary Fund (IMF) projects that economies shrink to six percent in developed countries, while developing countries have a one percent deficit.Since the majority of the world’s population lives near the poverty line in developing countries, they are more vulnerable to the virus, even in cases where the virus is not as harmful to health as sub-Saharan Africa. In. Here, for the first time in 25 years, the World Bank Project, which is experiencing a recession, lost almost half of its work to the entire continent. South Asia, on the other hand, is fiercely competitive, prioritizing the declining economic performance of the last 40 years.
Qasim Raheem
Islamabad
