Sunday, October 25, 2020

Are the poor getting poorer and poorer?

Featured

50 million Americans voted by mail in the presidential election so far

More than 50 million Americans cast their ballots in the US presidential election by mail 11 days before the...

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
The new Oxfam report claims a drastic impoverishment of the lower half of the world’s population. But experts disagree. World Economic Forum in Davos, the organization Oxfam again presented its annual report on the substantive inequality in the world, which attracted much attention always. The statement is once again alarming: While the wealth of billionaires at the top is growing strongly, the lower half of the world’s population has become significantly poorer again.

 

Oxfam provides seemingly accurate figures: The super-rich were able to increase their assets last year by 12 percent. In absolute terms, their wealth grew $ 900 billion a year, or an average of $ 2.5 billion a day. This increase is contrasted with the impoverishment of the lower half of the world’s population, which accounts for 3.6 billion people. According to Oxfam, this bottom half suffered losses of 11 percent or an average of $ 500 million a day last year.

 

These statements are also met with skepticism among distribution researchers. The economist Andreas Peichl warned, with such statistics, caution is required. For the poorer half of the world’s population, living mainly in Africa and parts of Asia and Latin America, there are no precise figures. He could not understand the Oxfam numbers for impoverishment. That the assets of the lower half should have declined so “does not correspond to the macroeconomic reality,” said Peichl, who heads the IFO Center for Macroeconomics and has been involved in several major studies on inequality in the world and in Germany. Rather, the global economy is growing, and poverty is sinking significantly in the world as a whole.

 

According to the latest data from the World Bank, the rate of the absolute poor, who have to live on only $ 1.90 a day (adjusted for inflation), has fallen since 1990 from 36 percent of the world’s population to just 10 percent. “Over the last 25 years, more than a billion people have pulled out of extreme poverty, and the global poverty rate is now lower than ever in history,” outgoing World Bank Director Jim Yong Kim said last fall when presenting the new one Dates. This was “one of the greatest human achievements of our time”.

 

Oxfam, however, complains: “Fewer and fewer people can free themselves from extreme poverty.” The World Bank says that absolute poverty is slowing down. Peichl also admits that there is not enough progress in large parts of Africa and regression in crisis-hit countries in the Middle East. “But the tenor of the Oxfam report that everything is getting worse and worse in the world, I expressly do not share.” Indirectly, he accused the aid organization to paint the situation in their favor: “There is a whole industry, the reports deserve to make things worse and worse. “And he added,” It is certainly not true that the poor get poorer because the rich get richer. This is not a zero-sum game. ”

 

 

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

50 million Americans voted by mail in the presidential election so far

More than 50 million Americans cast their ballots in the US presidential election by mail 11 days before the...

Remains of ships sunk hundreds of years ago discovered in Utbury, Sweden

Archaeologists in Sweden have discovered the remains of small, sunken ships dating back 400 years ago, during excavations in central Gothenburg in the coastal...

New York authorities preparing for possible riots after the election

New York City Mayor Bill de Blasio announced that the major American city authorities are preparing for possible unrest and riots in the city...

Trump: 180 million Americans would miss health care plans if Biden came to power

US President Donald Trump did not stop attacking his rival in the US presidential election, Democratic candidate Joe Biden, sending a message to Americans,...

The European Court of Human Rights condemns Turkey of violating the right to freedom of expression

The European Court of Human Rights has convicted Turkey of violating the right to freedom of expression of two university students who have been...

Related News