New analysis shows the economic crisis caused by COVID-19, or Coronavirus, could push more than half a billion people into poverty unless urgent and dramatic action is taken. This virus affects us all, even princes and film stars. But the equality ends there. By exploiting the extreme inequalities between rich and poor people, rich and poor nations and between women and men, unchecked this crisis will cause immense suffering.
We can only beat this virus through coming together as one. Developing countries must act to protect their people and demand action from rich nations to support them. Rich country governments must massively upscale their help – led by the G20.
This paper lays out an Economic Rescue Plan For All that meets the scale of the crisis, mobilizing at least $2.5 trillion dollars to tackle the pandemic and prevent global economic collapse. It prioritizes helping people directly: giving cash grants to all who need them. An immediate suspension of the debt payments of poor countries, combined with a one-off economic stimulus by the IMF and an increase in aid and taxes, can pay for this.