Business Maverick: A Quarter-Billion More People Face Extreme Poverty, Oxfam Says

The combined hit may result in a total of 860 million people living below the $1.90 a day line by the end of 2022, or 263 million more than the projection before the pandemic, the group said in a report on Tuesday. That’s equivalent to the entire population of the U.K., France, Germany and Spain combined.

The poorest people will be hit hardest, with food costs accounting for 40% of consumer spending in sub-Saharan Africa, compared with 17% in advanced economies, Oxfam said, citing an IMF report.Oxfam warned that the return of inflation is a recipe for financial turmoil in lower-income countries that need dollars for their energy, medicine and food imports, and whose debt is largely in the U.S. currency.

“We reject any notion that governments do not have the money or means to lift all people out of poverty and hunger and ensure their health and welfare,” said Oxfam International Executive Director Gabriela Bucher. “We only see the absence of economic imagination and political will to actually do so.”

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