Most of the industries in the world have come to a standstill due to the outbreak of Coronavirus. There is a period of tremendous decline in the stock markets and many people have already faced a livelihood crisis. This situation can go from bad to worse. Economic analysts have feared that the world may be a victim of severe economic recession. Oxfam's warning has increased further worries. According to Oxfam, if serious steps are not taken to deal with the Covid-19 crisis, then the coming recession will push nearly half a billion people in the world into poverty. It is 8% of the world's population.

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King's College London and National University of Australia have done a research, in which they estimate the effect of short-term of the coronavirus on global monetary poverty based on the World Bank poverty line at $ 1.90, $ 3.20 and $ 5.50 per day. According to a decade-long analysis of global progress, global poverty levels will rise for the first time since 1990 under all three scenarios. Its impact is sure to get worse in some parts of the world, such as North Africa, Sub-Saharan Africa and the Middle East, where it can end up to 30 years of progress.

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The most serious scenario involves a 20% drop in income, as a result of which an additional 54 crore people will earn less than the World Bank poverty limit of $ 5.50 (Rs 417) per day. The United Nations has warned that $ 2.5 trillion is needed to support developing countries during the crisis and about half of Africa's jobs may be lost.

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