It is estimated that over 500 million people in developing countries living on less than $1.90, $3.20 and $5.50 per day, could be pushed into poverty by COVID-19. This is a serious challenge we are faced with. And we at London School of Social Enterprise and Sustainable Economics are playing a critical role in the global economic re-engineering effort.
Global poverty levels would increase under all three scenarios for the first time since 1990 according to the analysis with up to a decade of progress lost globally. The impact is set to be even worse in some hard-hit parts of the world such as North Africa, Sub-Saharan Africa, and the Middle East where up to 30 years of progress could be wiped out.
We are concerned by the scale of the potential poverty tsunami that could follow COVID-19. Our findings point towards the importance of a dramatic expansion of social safety-nets and, more broadly, much greater attention to the impact of COVID-19 in developing countries.
In this regard, we are committed to using our expertise and resources to boost the economic landscape, reshaping global economies, and create a benefit that is important to society in general, by harnessing entrepreneurial and enterprise opportunities, as well as creating transformative responses to COVID-19 challenges prevalent in communities and society.