A quarter of developing nations are financially worse off than before the Covid-19 pandemic, the World Bank revealed. The organization's report, released today, highlights a significant economic downturn in a number of low-income countries. Many of these nations are located in sub-Saharan Africa.
The World Bank's analysis covers the six-year period ending in 2023. Botswana, Namibia, the Central African Republic, Chad, and Mozambique are among the countries experiencing this negative shock. Economic growth in South Africa and Nigeria, despite its rapidly increasing population, also stagnated.
The report signals potential market instability in affected regions. The World Bank did not immediately announce specific intervention measures. The findings underscore the pandemic's lasting economic consequences on vulnerable nations.
Global growth has slowed considerably since 2019. Sub-Saharan Africa has been disproportionately affected by these trends. The World Bank is expected to release further analysis and potential policy recommendations in the coming weeks.
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