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World Bank Reports Development Reversal for World’s Poorest Countries

The World Bank has revealed that half of the world’s 75 poorest countries are experiencing a widening income gap with the wealthiest ones. Incidentally, this is the first time this century that this will happen, prompting the international financial institution to raise an alarm calling attention to the problem. Of the 75 countries, half are in Africa, 14 are in East Asia, and eight are situated in Latin America and the Caribbean. The report revealed that one-third of these countries are poorer than they were before the pandemic with half burdened by debt they are unable to service or have a high risk they won’t be able to service them. The report called for ambitious policies to accelerate development as well as stronger financial backing from the global community.

SOURCE: CNBC