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 many low-income countries. Sub-Saharan Africa is particularly affected.
The World Bank's analysis covers the six years leading up to the end of 2024. Botswana, Namibia, the Central African Republic, Chad, and Mozambique all experienced negative economic shocks. South Africa and Nigeria also failed to increase average incomes during this period, despite Nigeria's rapid population growth.
The report signals potential market instability in affected regions. It is expected to prompt discussions among international financial institutions regarding aid and debt relief. The World Bank did not immediately announce specific interventions.
Global growth has slowed since the onset of the Covid-19 pandemic. This slowdown disproportionately impacts developing economies with limited resources.
The World Bank is expected to release further analysis and recommendations in the coming weeks. These will likely address strategies for sustainable growth and poverty reduction in the affected nations.
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