LONDON: Fallout from the Ukraine conflict, growing inequality and Covid-19 could force more than a quarter of a billion people into extreme poverty this year, Oxfam forecast on Tuesday (Wednesday in Manila). The United Kingdom-based charity issued the warning in a report published before next week's annual meetings of the World Bank and International Monetary Fund. 'New Oxfam estimates show that 263 million more people could be pushed into extreme poverty in 2022, due to the combined impact of Covid-19, inequality and food and energy price inflation — accelerated by the war in Ukraine,' Oxfam said. 'Poorer countries face looming debt crises and the purchasing power of wages is depressed, while corporate profits soar and billionaire wealth reaches unprecedented levels,' it added. The World Bank previously estimated that 198 million people faced extreme poverty — defined as living on less than $1.90 a day — due to the coronavirus pandemic. Another 65 million people are at risk due to fallout from the invasion — including soaring energy and food prices. The total number of people in extreme poverty worldwide could reach 860 million.
