World Bank Group has said COVID-19 pandemic could push 49 million people into poverty in the year.
The bank in a report said: “The coronavirus is a crisis like no other the world has faced in recent decades in terms of its potential economic and social impacts.
The number of extreme poor in the poorest countries that are served by the World Bank’s International Development Association is projected to increase by 17 million. While the impacts will be felt by most households almost immediately, they will likely be deeper and longer-lasting among the poor, who are more vulnerable for several reasons:
“The poor work largely in the agriculture and service sectors and are usually self-employed or informally employed, mainly in micro and family enterprises. Those employed in the informal service sector in urban areas are likely to bear the most severe initial impacts.
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