Feb 2, 2021 - Economy

Rockefeller Foundation president: COVID-19 pandemic an "accelerant" of global wealth inequality

The Rockefeller Foundation President Rajiv Shah

The COVID-19 pandemic is an "accelerant" of a divergence between the world's poor and its wealthy, Rockefeller Foundation President Rajiv Shah said at an Axios event Tuesday.

Why it matters: Shah said "history has shown we did not do enough" for the world's lower income communities coming out of the 2008 recession, "and we have experienced this tremendous divergence as a result."

By the numbers: Most "richer" nations provided 20% to 30% of GDP in fiscal aid to their own economies since the pandemic began, Shah said.

  • Emerging markets have provided about 6% of GDP, and that number is about 2% for developing countries. "That's devastating," Shah said.

Shah said the Rockefeller foundation is partnering with international institutions like IMF and the World Bank to propose a trillion dollar "global green recovery," that would help "support efforts to extend renewable electrification and green development pathways to more than a billion people around the world."

  • "Right now is an important time for the global community to stand up."

Watch the full event here.

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