Wednesday, June 24, 2020

The Pandemic's 'Lost Years'

The pandemic's lost years

Even while still living in the midst of the coronavirus pandemic, we're starting to see the long-term effects of lost schooling, curtailed travel and shuttered businesses.
Why it matters: The U.S. will see some $7.9 trillion in lost economic growth through this decade, according to the Congressional Budget Office. The World Bank, meanwhile, predicts global gross domestic product will shrink by 5.2% in 2020 alone — nearly three times as much as the 2009 recession.
Poverty reduction around the globe could be set back 20-30 years, according to the World Bank.
  • The organization expects 70-100 million people to be pushed into extreme poverty, reversing the downward trajectory of the phenomenon. 
  • UNU-WIDER, part of the United Nations University, predicts 395 million people could be pushed into extreme poverty, while the number of people living on less than $1.90 a day worldwide could rise to more than 1 billion.

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