“The poorest countries were less likely to experience a meaningful decrease in inequality. The largest increase in the Gini index was observed in the Philippines, while the largest decrease occurred in Armenia,” the World Bank said Thursday.
The World Bank said during the pandemic, large and unequal job and income losses were reported, contributing to concerns about rising inequality within countries.It said the poorest people bore the steepest costs of the pandemic, with income losses averaging 4 percent for the poorest 40 percent, double the losses of the wealthiest 20 percent of the income distribution. Global inequality rose, as a result, for the first time in decades, it said.
It estimates that the pandemic pushed about 70 million people into extreme poverty in 2020, the largest one-year increase since global poverty monitoring began in 1990. As a result, an estimated 719 million people subsisted on less than $2.15 a day by the end of 2020. “Adjustments of macroeconomic policies are needed to improve the allocation of global capital, foster currency stability, reduce inflation, and restart growth in median income. The alternative is the status quo—slowing global growth, higher interest rates, greater risk aversion, and fragility in many developing countries,” he said.
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