Governments of nine countries in the Global South studied in this report have, on average, provided stimulus measures across the board equivalent to only 3.9 percent of their GDPs, with funds directed toward social protections totalling approximately 1 percent of their GDPs. The overall stimulus spending falls clearly short of the aim of 10 percent of GDP, as called for by the United Nations Secretary General Antonio Gutierrez in March 2020. Social protection spending to address the economic and social impacts of Covid-19is clearly inadequate, given the severity of the crisis. It is estimated that globally between143 million to 163 million people will fall into extreme economic poverty by December 2021. Already in 2020 124 million are likely to face extreme poverty. It is therefore critical that all Interventions, combine recovery stimulus with human rights safeguards and meeting peoples’ needs.
Towards a People’s Recovery – Tracking COVID Bailout Stimulus received by Developing Countries
22 Apr, 2021 | Articles, Press Releases | 0 comments