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26 poorest countries in worst shape since 2006. Record debt these countries are facing

2024-10-14 13:01:53Kosova&Bota SHKRUAR NGA REDAKSIA VOX

26 poorest countries in worst shape since 2006. Record debt these countries are

The world's 26 poorest countries, home to 40% of people most affected by poverty, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, according to a report new World Bank.

The report finds that these economies are poorer today on average than they were on the eve of the COVID-19 pandemic, even as the rest of the world has largely recovered from COVID and resumed its growth trajectory.

Released a week before the start of the annual meetings of the World Bank and the International Monetary Fund in Washington, the report confirms a major setback in efforts to eradicate extreme poverty and underlines the World Bank's efforts this year to raise $100 billion to finance countries poorest in the world, through the International Development Association.

The 26 poorest economies, which have an annual per capita income of less than $1,145, are increasingly dependent on Development Association grants and loans with near-zero interest rates, the World Bank said. Their average debt-to-GDP ratio of 72% is at an 18-year high, and half the group are either in debt distress or at high risk of it.

Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen. Two-thirds of the poorest countries are in armed conflict or have difficulty maintaining order due to institutional and social fragility, which hinders foreign investment and almost all export goods.

The International Development Association is normally replenished every three years with contributions from World Bank shareholder countries. It raised a record $93 billion in 2021, and the World Bank president aims to surpass it by more than $100 billion by December 6.

Natural disasters have also taken a greater toll on these countries over the past decade. Between 2011 and 2023, natural disasters were associated with an average annual loss of 2% of Gross Domestic Product, five times the average among lower-middle-income countries, indicating the need for much higher investment, the Bank said. World.


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