The poorest will take 14 times the time taken by 1000 richest to recover economically: Oxfam

A new Oxfam report identified that for the 1000 richest people on the planet it took only nine months to recover from economic impacts of the pandemic while the poorest population of the world will have to wait for more than a decade to do so. Increased economic inequality caused by Covid-19 pandemic has negatively influenced this recovery time by increasing it up to 14 times the time taken by the first 1000 richest. The report also recognises that most of the recouped persons are white, male billionaires.

"The recession is over for the richest. The world's ten richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began — more than enough to pay for a COVID-19 vaccine for everyone in the world and to ensure no one is pushed into poverty by the pandemic. At the same time, the pandemic has ushered in the worst job crisis in over 90 years with hundreds of millions of people now underemployed or unemployed," Oxfam report noted.

Pandemic induced inequality has reflected on infection and mortality rates. England's poorest areas are experiencing mortality rates double that of its well-off areas, the Report observed.

Gabriela Bucher, Executive Director of Oxfam International, demanded that countries address inequality seriously by undertaking tax reforms and policy interventions. "Taxation plays a big role in determining how we will recover from the pandemic. The EU must end the practice of tax dodging and make sure that corporations, like big tech, pay their fair share of tax," Bucher specified.