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How to Prevent Economic Catastrophes in Times of Crisis

Most governments around the world have been failing for decades to implement the health, tax and labour policies that would reduce the gap between the rich and the poor and make economies more resilient to shocks such as COVID-19, a new Oxfam report has found. Analysis from Oxfam and Development Finance International (DFI) published on Wednesday blamed governmental policy failures for the depth of the coronavirus crisis and the economic fallout it has caused. Worldwide, women are bearing the brunt of the economic slowdown and mass unemployment. Earning less at less secure jobs pre-pandemic, women in the COVID-era have also had to grapple with unpaid childcare work and a global surge in domestic violence. The report also notes that nearly half of the countries on the index do not have adequate legislation to address rape. And 10 countries, including Singapore and Sierra Leone, have no laws on equal pay or gender discrimination in the workplace.