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 the affected 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 experienced negative economic shocks. South Africa and Nigeria, despite a growing population, also saw stagnant average income growth.
The report signals potential market instability in the affected regions. It is unclear what immediate steps the World Bank or individual countries will take. The findings underscore the uneven global recovery following the pandemic.
The Covid-19 pandemic triggered a global economic slowdown. Sub-Saharan Africa has been disproportionately affected. The World Bank continues to monitor the situation. Further assessments and potential interventions are expected.
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