Pandemic can push 60 million people into extreme poverty, says World Bank
World Bank Group President David Malpass said that “the pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty”. This was published on the organization’s website. He added that this is “erasing much of the recent progress made in poverty alleviation”.
To return to growth, the expert recommended to rapidly and flexibly respond to the health emergency, provide cash support to protect the poor, maintain the private sector, and strengthen economic resilience and recovery.
The statement said that the World Bank pledges to make available US$160 billion in grants and financial support over a 15-month period to help developing countries respond to impacts of COVID-19.