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Developing countries are facing economic disaster: 4 ways the international community can support them
Jun 3, 2020
85% of the world's population live in developing countries, where the effects of the pandemic will be worst felt. Predictions from various UN agencies on the effects of the pandemic are particularly bleak, including pushing 500 million people into poverty. There must be a coordinated global response to protect the most vulnerable from worst consequences of the pandemic, writes an economist.
While attention in developed countries has been focused inward on the effects of the pandemic at home and the anticipated exit from lockdown, an economic and health disaster is emerging in developing counties that make up 85% of the world’s population.
Infection rates are now rising rapidly , overwhelming weak healthcare systems. Hot spots are appearing in the vast slums and favelas of sprawling cities from Sao Paolo to Capetown to Mumbai .
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Even more worrying is the massive economic damage that has already been caused by both the pandemic and the widespread lockdowns that most developing countries have imposed. UN agencies estimate that 1.5 billion people – half the global labour force – will become unemployed, with 500 million thrust back into poverty while 250 million could face famine , reversing all the gains of the past two decades.
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