COVID-19 - A catalyst for poverty for 1 billion people by 2030Top Stories

December 07, 2020 17:39
COVID-19 - A catalyst for poverty for 1 billion people by 2030

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A reported one billion people to fall into the depths of poverty by 2030 due to the COVID-19 pandemic states the United Nation organization. Studies conducted by the United Nations Development PROGRAM (UNDP) assess that the impact of the pandemic recovery based on country development and multidimensional effects of the pandemic from all over the world ten years from now.

Severe and harsh long term effects of the pandemic will push a majority of the world’s population into poverty. An additional 207 million global citizens will lead to a round figure of 1 billion in just a decade. The joint study conducted by the UNDP and the Pardee Center for International Futures at the University of Denver is studying the effect of the pandemic on all aspects; economically, financially, health and wellness, employment and business.

The pandemic has caused the poverty count to raise by 44 million people, compared to the developmental rate issued pre-COVID-19 determined by current mortality rates and economical stability according to projections made by the International Monetary Fund (IMF). The female poverty headcount is set to increase by ad additional 102 million compared to the baseline figure due to the pandemic.

The pandemic has had an impact on all global citizens. It has led to increased death rates, pressure in medical facilities and loss in productivity, preventing any recovery to the growth trajectory once the pandemic recedes. However, the study also states that if their are focused Social protection/ welfare programs, governance, digitization and green economy (SDG), it will not only prevent the poverty rate from increasing but also improve the economical conditions better than the developmental trajectory that was their before the pandemic began. Pushing the SDG scenario will lift an additional 146 million citizens out of poverty and reduce female poverty by 74 million, even with the current impact of the pandemic.

The joint study also states that the SDG reform will have bring out positive changes to both the government and citizens, such as improved effectiveness, positive behaviour, efficiency in governance and changes in consumption patterns of food, energy and water.

The propositions made by both the UNDP and Pardee Center focus on global collaboration for climate action, additional investments in the recovery from the pandemic and the need for improved technology in our day-to-day lives.

By Meena Atmakuri

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Tagged Under :
Coronavirus  COVID-19  pandemic  economic crisis  UNDP  UN  Poverty  SDG