Hey there! 🌟 Did you know that for the first time in 20 years, extreme poverty is on the rise globally? 😔 According to a recent UN report launched on Thursday, the world has seen a spike in extreme poverty levels, and inequality has shot up sharply. The culprits? Successive shocks starting with the COVID-19 pandemic have turned back the clock on social development progress.
While some economies are bouncing back, extreme poverty remains stubbornly high, especially in countries facing special challenges. By 2022, most nations had returned to pre-pandemic poverty levels—except for low-income countries, where the struggle continues. 📉
Unemployment is a big issue too. In low-income nations, joblessness has stayed high, with the employment gap rate increasing from 20% in 2018 to 21% in 2023. That's a bummer for young people trying to make their mark! 😕
These trends have made wealth and income inequalities even worse worldwide. Get this: in 2022, the poorest half of the global population owned just 2% of the world's wealth, while the richest 10% held a whopping 76%! 🤑 Talk about unfair!
The UN report warns that if things don't change, we could be looking at over $50 trillion in lost economic output between 2020 and 2030. That's like throwing away tons of opportunities for social growth and development. But wait, there's hope! 🌈
As countries slowly emerge from these overlapping crises, there's a chance to minimize long-term impacts and build more resilient societies. The report calls for urgent global action to support national efforts in tackling these setbacks and to prevent future shocks from turning into crises. 🌍🤝
It emphasizes the critical need to reform and refocus international development financing. This means helping countries manage debt burdens, providing meaningful aid, and creating the financial space needed to drive social progress. 💪
\"This report brings to light the important role of multilateral action in supporting national-level efforts to find fiscal space to fight poverty, create jobs, and ensure everyone has a fair chance in life,\" said Li Junhua, UN Under-Secretary-General for Economic and Social Affairs.
So, what can we do? Let's stay informed, spread the word, and push for policies that promote equality and social development. Together, we can make a difference! ✨
Reference(s):
World sees first increase in extreme poverty in 20 years: UN
cgtn.com
