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World leaders have an historic opportunity to reform the global economy to ensure that the one in six people who live in extreme poverty benefit from economic recovery, international agency Oxfam said today ahead of the G20 summit in Seoul.

Growth is necessary but not sufficient to lift poor people out of poverty, international agency Oxfam said today as it published a briefing paper calling on the G20 to agree an historic new Seoul development consensus to help the world’s poorest.

Europe is trying to shirk its responsibility and pass the burden of dealing with the impacts of climate change onto the world’s poorest countries, Europe’s leading environmental and development groups warned today.

The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world’s poorest to recover from the economic impacts of the pandemic, reveals a new Oxfam report today. ‘The Inequality Virus’ is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’. 

Land eight times the size of the UK was sold off globally in the last decade, enough to grow food for a billion people, or the equivalent to the number of people who go hungry in the world today.

The world’s leading economies must act now to stop the price of basic foods from surging further out of the reach of poor people. They must also commit to a Financial Transaction Tax (FTT) to help millions of people hit by the economic crisis and climate change.

The IMF has already said that the coronavirus pandemic will trigger the worst economic fallout since the Great Depression —if ever there was a time to expand SDR allocations in a major way, it is now, said Oxfam today in response to the communiqué of the International Monetary and Financial Committee.

Reacting to the conclusion of the European Council on the EU long-term budget, which is freezing EU anti-poverty aid at near current levels, Natalia Alonso, Head of Oxfam's EU Office, said:

Oxfam’s Nicolas Mombrial said:

When the G20 meets in Seoul in November 2010, it has a big choice to make.