UN Report Finds 165 Million Were Pushed Into Poverty Over Past Three Years
By Brett Wilkins
Successive economic shocks over the past three years—including the Covid-19 pandemic, wars and other violence, and extreme weather disasters driven by human-caused climate change—have pushed around 165 million people into poverty around the world, leaving debt-saddled nations unable or poorly prepared to deliver vital social services, a United Nations report published Friday revealed.
The United Nations Development Program (UNDP) policy brief—entitled The Human Cost of Inaction: Poverty, Social Protection and Debt Servicing, 2020-2023—notes that “over the past decade, debt service payments have steadily been consuming a larger and larger share of public revenue and expenditure in developing economies,” with “the latest data suggests that the average low-income country devotes between double and triple the share of revenue or expenditure to servicing interest payments” compared with wealthier nations.
Photo courtesy of UN Women Asia and the Pacific.