Geneva: United Nations has said that more than 77 million people slipped into poverty in 2021 due to Covid-19 pandemic. According to a report published by the UN, around 812 million people lived in extreme poverty on $ 1.90 a day or less in 2019. In 2021 it surged to 889 million.
As per the report, rich countries managed to avoid the worst economic impacts of the coronavirus pandemic but poorer ones continue to deal with debilitating debt. On average, rich countries spend 3.5% of their revenue on servicing debt while less rich nations use up to 14% of revenue.
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The report said some 20% of countries will not return to pre-2019 levels of GDP per capita by the end of 2023. The poorest countries pumped billions into servicing debts and were forced to cut spending on education and infrastructure.
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