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The coronavirus pandemic is a crisis for everyone. All around us people are affected — our loved ones, our neighbours, our colleagues, our communities. 

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. 

Oxfam spokesperson Elizabeth Stuart said:

The IMF has released a discussion note, authorized for distribution by chief economist Olivier Blanchard, on the damaging effect of income inequality on economic growth and supporting redistributiv

Oxfam is disappointed that the EU’s planned new “Trust Fund for Africa”, intended to address migration, risks being used more for border security purposes, rather than fighting poverty and inequality.

In 1984, a famine claimed the lives of one million Ethiopians.

The World Bank and the IMF must seize their early chance in what could be a watershed year to end extreme global poverty by putting the battle against inequality, climate change and tax dodging at the very top of its Spring Meetings’ agenda this week. 

The UN General Assembly outcome document agreed today exposes the unevenness and gaps in achieving the MDGs between and within countries.

In response to IMF Chief Economist Gita Gopinath’s statement that the coronavirus pandemic will trigger the worst economic fallout since the Great Depression, Nadia Daar, Oxfam International’s Head of Washington DC Office said: "The IMF’s assessment is chilling. The human suffering behind those numbers is almost unimaginable. Oxfam’s research shows that coronavirus could push half a billion more people into poverty".

This briefing describes new research that shows how extreme carbon inequality in recent decades has brought the world to the climate brink. It sets out how governments must use this historic juncture to build fairer economies within the limits our planet can bear.