World Bank: The gap between rich and poor countries is growing

In some countries the situation is even more critical with the degree of extreme poverty eight times higher than the world average. Almost 25 percent of the population in those countries live on less than $2,15 a day, and 90 percent of people facing hunger or malnutrition in the world are concentrated in those countries, which are mainly located in sub-Saharan Africa, as well as in East or South Asia.

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World Bank, Photo: Shutterstock
World Bank, Photo: Shutterstock
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

In more than half of the 75 poorest countries in the world, despite their important potential in raw materials and an active young population, GDP per capita in 2023/2024. grows more slowly than in rich countries, which increases inequality - the World Bank announced.

For a third of these countries, GDP per capita is now lower than before the covid-19 pandemic - says the report that the World Bank published today on countries that could benefit from gifts or loans from the International Development Association (IDA) - a branch of the World Bank. under favorable conditions.

"The well-being of those countries is necessary for the long-term prosperity of the world. Today's three economic powers - China, India and South Korea were the countries that profited from IDA loans" - recalled the chief economist of the World Bank, Indermit Gil, in a statement.

He said that all three countries have prospered, eradicated extreme poverty and improved living conditions.

IDA-financed countries today have the potential to do the same with international assistance, he added.

In some countries the situation is even more critical with the degree of extreme poverty eight times higher than the world average. Almost 25 percent of the population in those countries lives on less than $2,15 a day, and 90 percent of the people facing hunger or malnutrition in the world are concentrated in those countries, which are mostly located in sub-Saharan Africa, as well as in East or South Asia.

The report suggests increasing the contribution of international financial institutions to help them and cooperating on major global issues such as climate warming that particularly affects those countries, as well as a significant increase in financial support.

Aid to developing countries, especially those currently in debt crisis or at risk of falling into it, will be among the main topics of the annual meetings of the International Monetary Fund and the World Bank this Sunday in Washington.

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