![]() That would be enough to lift 2.3 billion people out of poverty, make enough vaccines for the world, and deliver universal health care and social protection for everyone living in low- and lower middle-income countries. They include an annual wealth tax on millionaires starting at 2%, and 5% on billionaires, which the organization estimates would generate $2.52 trillion a year. To address the situation, Oxfam proposed a number of ideas. ![]() Oxfam warned that the return of inflation is a recipe for financial turmoil in lower-income countries that need dollars for their energy, medicine and food imports, and whose debt is largely in the U.S. The poorest people will be hit hardest, with food costs accounting for 40% of consumer spending in sub-Saharan Africa, compared with 17% in advanced economies, Oxfam said, citing an IMF report. Oxfam released the report ahead of the International Monetary Fund and World Bank Spring Meetings taking place next week in Washington, where global economic challenges and the shock of Russia’s invasion are set to feature as two of the main focuses.
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