The global pandemic is set to cause a disturbing slide to extreme poverty and inequality, leading over 90 million people across the world fall below 1.90 dollars daily income, the International Monetary Fund (IMF) warned.
The IMF released its flagship annual report, the World Economic Outlook, where it sees growth recovery from COVID-19 impact as "long and difficult ascent". The pandemic has compelled the IMF to hold its biannual meeting of central bank governors and finance ministers virtually, which begins this week. The IMF sees growth in global economy to shrink to negative 4.4pc in 2020, although its economists are upbeat in recovery for next year at 5.2pc.
"The persistent output losses imply a major setback to living standards relative to what was expected before the pandemic," the IMF said in its outlook. "Not only will the incidence of extreme poverty rise for the first time in over two decades, but inequality is set to increase because the crisis has disproportionately affected women, the informally employed, and those with relatively lower educational attainment."
PUBLISHED ON
Oct 13,2020 [ VOL
21 , NO
1068]
Commentaries | Mar 01,2024
Featured | Sep 27,2020
Fortune News | Oct 23,2021
Life Matters | Sep 19,2020
Radar | Jul 13,2019
Commentaries | Aug 01,2020
Sunday with Eden | Feb 09,2019
Agenda | Aug 08,2020
Covid-19 | May 01,2020
Sunday with Eden | Aug 22,2020
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
Jul 19 , 2025
Parliament is no stranger to frantic bursts of productivity. Even so, the vote last w...
Jul 12 , 2025
Political leaders and their policy advisors often promise great leaps forward, yet th...
Jul 5 , 2025
Six years ago, Ethiopia was the darling of international liberal commentators. A year...
Jun 28 , 2025
Meseret Damtie, the assertive auditor general, has never been shy about naming names...
Loading your updates...