Poverty has been a major issue around the world long before the pandemic hit. According to the World Bank, about 9.2% of the world's population lives in extreme poverty, earning less than $1.90 a day. That number was expected to rise to 17% by the end of 2020 due to the pandemic. The pandemic has had a devastating effect on the world's economy, with an estimated 2.96 trillion U.S. dollars being wiped off the global GDP by the end of 2020. This has led to millions of people losing their jobs and struggling to make ends meet. In developing countries, the pandemic has had a particularly severe impact on women and girls. They are more likely to be employed in the informal sector and are thus more likely to lose their jobs when the economy suffers. They are also more likely to be responsible for unpaid care work, which has increased during the pandemic as schools have closed and people have been asked to stay at home. This means that they have less time to earn an income and are more likely to suffer from poverty. The pandemic has also had a negative impact on child nutrition. According to UNICEF, the number of children suffering from severe acute malnutrition is expected to be 6.7 million children under 5 in 2020 due to the pandemic. This is because food prices have increased, and families are struggling to afford enough food for their children. The pandemic has also led to an increase in gender-based violence. According to the UN, there has been a sharp increase in reports of domestic violence since the pandemic began. This is because women are spending more time at home with their abusers and have less access to support services.
Poverty levels will Increase Globally Due to COVID19 Pandemic
“A preliminary estimate for 2020, incorporating the effects of the COVID-19 pandemic, projects that an additional 88 million to 115 million people will be pushed into extreme poverty, bringing the total to between 703 and 729 million.” (World Bank)