The COVID War launched by politicians across the globe has not only devastated millions of businesses and put billions out of work, the World Bank said last Thursday the lockdowns have added another 114 million people to their extreme poverty list.
It is reported that an estimated 730 million people around the world live in extreme poverty. The World Bank considers someone with an annual income of $700 (or $1.90 a day) to fit in that category. The virus lockdowns have been blamed for increasing the number of people in that category by 114 million.
Carolina Sánchez-Páramo, Global Head of the World Bank’s Poverty and Equity Global Practice, told the WSJ that COVID is the worst setback to the fight against extreme poverty in a generation. The paper reported that before the outbreak, about 615 million people were considered to be experiencing extreme poverty.
The World Bank’s Poverty and Shared Prosperity Report sees a trend of extreme poverty in urban areas, which is affecting citizens with higher education levels. These individuals are less likely to work in agriculture than those living in extreme poverty before the outbreak, the report said.
There is also concern that help might not be on the way for some time. Johns Hopkins University, which has been tracking coronavirus cases, reported eight out of ten of the world’s most affected countries have seen an increase in cases, prompting fears of the beginning of a second wave.
The paper reported the world has been making gains in recent years in the fight against extreme poverty that largely affects sub-Saharan Africa. The region, which already has about 440 million in extreme poverty, is preparing for a 42 percent rise this year.
“The pandemic and global recession may cause over 1.4 percent of the world’s population to fall into extreme poverty,” said World Bank Group President David Malpass.
TREND FORECAST: Considering the World Bank estimates some 730 million people around the world live in extreme poverty (which they say is someone with an annualized income of $1.90 a day), in the real world, $1.90 a day is worth nothing, thus we estimate true poverty rates are well over a billion.
As Gerald Celente has long said, “When people lose everything and have nothing left to lose, they lose it.” Therefore, as socioeconomic conditions continue to deteriorate, “NEW WORLD DISORDER,” one of our 2020 Top Trends, will escalate as billions take to the streets, demonstrating against the lack of basic living standards, crime, violence, and government corruption.
Also, the poorer and more desperate people become, the more they will do to flee their homeland, thus increasing the refugee and migrant crisis, which, in turn, will accelerate populist movements in nations not wanting foreigners to enter their country.
