While wealthy nations can protect its citizens from economic shocks, developing nations could face a resurgence in poverty due to COVID-19 induced lockdown measures, according to the Australian’s Adam Creighton. The latest IMF forecast predicts $12 trillion dollars worth of output is going to be wiped from the world economy in just two years due to the coronavirus pandemic.
"If you lose 50 per cent of your income and you are very poor, that is a disaster," Mr Creighton said. “Quite literally, hundreds of billions of people could be facing famine”. Mr Creighton told Sky News host Chris Kenny the cost of welfare schemes currently employed by first world nations went onto an “extraordinary credit card”.
Source: Financial Digest (financialdigest.net)
Adam_Creighton So this means China also
Adam_Creighton The reality is that we have not given them enough money. . . No the reality is those nations should be working to not depend upon other nations to look after their own. . . How about that basic consideration. How about some accountability for the money that has been given them.
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
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