The recent report published by the World Bank has underscored a distressing trend: half of the 75 most vulnerable countries globally are witnessing a widening income disparity in comparison to the wealthiest economies, marking a first in this century.
These susceptible economies, which qualify for low-interest loans and grants from the World Bank’s International Development Association (IDA), are predominantly located in sub-Saharan Africa, with 39 out of the 75 countries falling under this region.
Between 2020 and 2024, the average per capita income in half of the IDA nations grew at a slower pace than that of affluent economies, resulting in persistent development disparities despite some advancements in the early 2000s. The challenges faced by these IDA countries have been exacerbated by the pandemic and its associated crises.
Of the 75 countries, 31 have per capita incomes below $1,315 annually. Titled “The Great Reversal: Perspectives, Risks, and Policies in International Development Association Countries,” the report offers a detailed assessment of the opportunities and challenges confronting these nations. It emphasizes that IDA countries possess demographic and resource advantages that, if effectively leveraged, could help bridge the development gaps.
Home to a quarter of the global population, totaling 1.9 billion individuals, these nations are vital players in international development. Yet, a third of them now face lower average incomes than before the COVID-19 outbreak.
The primary sessions of the 2024 World Bank Spring Meetings are scheduled for April 17-19, with ancillary meetings running from April 15 to April 20. These gatherings play a crucial role in addressing the economic and development hurdles encountered by IDA countries.
Global solidarity and collaboration are imperative to assist these vulnerable economies in combatting poverty and inequality. Tailored development strategies and investments in critical infrastructure are essential to stimulate inclusive and sustainable growth. Enhanced international cooperation is necessary to tackle the intricate issues confronting IDA nations and work towards creating a fairer and more prosperous world for all.
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