
The closure of virtually all economic activities has resulted in massive layoffs, even in parts of the world that had been much better off. If predictions prove to be true, most of them will not have one to return to once normalcy resumes. Already many families that had long escaped the grip of poverty are finding themselves slipping back towards it. Once their safety nets and nest eggs deplete, many more will likely follow. More than the old, it is the young that are at risk of suffering the most. Many thinkpieces have been written on the millenials’ misfortune of suffering not one but two great global recessions in the prime of their lives. Unicef and Save the Children also warn that by this year’s end, another 86 million children will grow up in poverty.
Most governments may be in firefighting mode right now, but sooner or later, they would also need to grapple with the long-term effects of the pandemic and other extreme shocks to the economy. As we draw lessons and recalibrate our lifestyles on an individual level, it is crucial to do the same at national and global levels. Gains in poverty reduction may have removed some of the urgency before, but there is no doubt that the way the world’s economy works is exploitative. If history proves anything, it’s that too much exploitation will inevitably result in upheaval.
Published in The Express Tribune, May 31st, 2020.
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