Pandemic could push 500 million people into poverty

Coronavirus

Aid group Oxfam says the COVID-19 crisis and economic fallout could result in a half-billion people living in poverty

(FOX NEWS) — Oxfam, the international alliance of organizations working to end global poverty warning of massive numbers thrown into it, from the coronavirus.

Oxfam saying in a new report that about half a billion people worldwide could be plunged into poverty because of the devastation from the COVID-19 virus.

The report citing shrinking household incomes or consumption.

Factors include an inability to stockpile resources.

Oxfam says the economic crisis is worse than the 2008 global financial crisis adding global poverty could increase for the first time since 1990.

The group recommending a six-point plan to stave off the threat including cash grants, business bailouts, debt cancellation, and increased aid as well as taxes on wealth and extraordinary profits.

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