Financial crisis plunged 2.6 million children in rich countries into poverty

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Millions more children were plunged into poverty in the world's most affluent countries due to the 2008 financial crisis, according to the UN Children's Fund, UNICEF.

A new report released by UNICEF on the impact of the economic crisis on child well-being ranks 41 countries in the Organization for Economic Cooperation and Development (OECD) and the European Union.

It specifically looks at whether levels of child poverty have increased or decreased between 2008 and 2012.

Yekaterina Chzhen is a social and economic policy specialist at UNICEF.

“We estimate that overall there are 2.6 million children more who are poor in 2012 than in 2008.  And overall, we have an estimated 76.5 million children who live in poverty in the world's richest countries.”

Ms Chzhen added that overall, child poverty increased in 23 out of the 41 countries, with rates rising by over 50 per cent in Ireland, Croatia, Latvia, Greece and Iceland.

The report also shows that in Greece in 2012, median household incomes for families with children sank to 1998 levels, the equivalent of a loss of 14 years of income progress.

By this same measure, Ireland, Luxembourg and Spain lost a decade.

Stephanie Coutrix, United Nations.

Duration: 1’31″

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