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, stagnated during this time.
The report signals potential market instability and reduced investor confidence in affected regions. International financial institutions may face increased pressure to provide aid and restructure debt.
Global growth has slowed considerably since the onset of the Covid-19 pandemic. Sub-Saharan Africa has been disproportionately affected by these economic headwinds.
The World Bank is expected to release further analysis and recommendations in the coming weeks. These will likely address strategies for recovery and sustainable development in the impacted nations.
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