COVID-19 Pandemic Pushes Millions From Middle Class Into Poverty Says World Bank Report

According to a new World Bank report, 4.7 million people have pushed out of the middle class and into vulnerability or poverty in Latin America and the Caribbean last year, thus reversing decades of social gains.

The report notes the impact would have proved more dire if the effect of a massive, temporary social transfer program in Brazil is excluded from the projections.

Without that offset from Brazil, a total of 12 million people across the region slipped from the middle class in 2020. 

The same holds true for poverty.                                                           

Regionwide, there were 400,000 fewer poor in 2020, but without the offset from Brazil, an estimated 20 million people fell into poverty in 2020, with another 1.4 million increase due to population growth.

Readers Bureau, Contributor

Edited by Jesus Chan

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