Many people thought that the future of humanity would look like a narrowing of the gap between rich and poor. Unfortunately, this is an impossible dream. The gap between rich and poor is still large. The advent of the pandemic has made poorer people even poorer. Many middle-class people lost their jobs as well as their savings due to the COVID-19 pandemic. The middle class has shrunk and the number of poor people has increased.

Extreme poverty has engulfed millions of people

There are many people who have only very small amounts available and survive on $ 2 a day. The pandemic caused huge unemployment, mainly because in many countries the economic activity of companies was suspended and many companies disappeared. The Gates Foundation provided important information about the impact of the pandemic on the poorest population. According to her, the pandemic pushed 31 million people into extreme poverty

Image credit: Gates Foundation

Are the world’s economies recovering from the effects of the pandemic?

The employment rate is expected to gradually return to pre-pandemic levels. Some economies have already begun to recover from the pandemic. In terms of per capita income levels, reports that 90% of advanced economies will return to pre-pandemic levels next year. One third of lower-income economies will also return to their original values. However, forecasts show that very low-income countries will face extreme poverty by at least 2030.

Image credit: Gates Foundation

The pandemic also affected education

A pandemic has major implications for education. While in rich economies the crisis has had only a minimal impact on education, in low-income families there has been a sharp decline in education levels. Low-income people are unable to provide quality distance education and children have large gaps in their knowledge, compared to children from wealthier families. Poor economies are often dependent on the help of richer economies.


Image credit: Gates Foundation, Pixabay