The World Bank has issued a stark warning, revealing that half of the world’s 75 poorest countries are experiencing a widening income gap with the wealthiest nations. This troubling trend marks the first time this century that such disparity has occurred, prompting the international financial institution to sound the alarm and draw attention to the urgent problem.
According to the World Bank’s report, among the 75 countries classified as the poorest, half are located in Africa, with 14 in East Asia and eight in Latin America and the Caribbean. The findings underscore the pervasive nature of economic inequality, highlighting its detrimental effects on the most vulnerable populations.
Furthermore, the report unveiled that one-third of these impoverished countries have regressed economically since the onset of the COVID-19 pandemic. Additionally, half of them are burdened by unsustainable debt levels, rendering them unable to service their obligations or facing a high risk of default.
In response to these alarming developments, the World Bank called for the implementation of ambitious policies aimed at accelerating development and narrowing the income gap. The institution emphasized the crucial role of stronger financial backing from the global community to support these efforts and address the pressing challenges faced by the world’s poorest nations.
The report’s findings serve as a sobering reminder of the urgent need for concerted action to address economic inequality and promote inclusive growth. As the international community grapples with the enduring impact of the pandemic and strives to build back better, prioritizing support for the most vulnerable countries becomes increasingly imperative. Only through collaborative and sustained efforts can meaningful progress be made towards achieving shared prosperity and ensuring a more equitable future for all.
