CoV crisis could plunge 115 million people into “extreme poverty

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The coronavirus-induced economic recession could plunge up to 115 million people into extreme poverty this year. By 2021 the crisis could even push 150 million people below the poverty line, the World Bank warned today. People living on less than 1.60 euros per day fall below the poverty line.

Without the outbreak of the pandemic, the global poverty rate would be an estimated 7.9 percent, the World Bank said in a new report. As a result of the crisis it could rise to 9.4 percent. This would destroy decades of progress in the fight against extreme poverty.

In response to the report, the development organization One called on the World Bank to suspend debt repayments by the poorest countries until the end of 2021. The money could be used by the countries to fight the consequences of the coronavirus crisis, the organization said.