World Bank: Difference Between Rich, Poor Countries Is Growing

2024-04-19

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  • Half of the world's 75 poorest countries are getting poorer compared to the richest economies.
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  • That finding comes from the World Bank.
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  • The development agency based in Washington, D.C., recently released a report on the least developed nations.
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  • It said that the difference in income growth per person in the poorest countries and the richest has widened over the past five years.
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  • It is the first time the difference has increased since the beginning of the 2000s.
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  • Ayhan Kose is Deputy Chief Economist of the World Bank and one of the writers of the report.
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  • He told Reuters, "For the first time, we see there is no convergence. They're getting poorer."
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  • He said the report writers saw "a very serious structural regression."
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  • Kose said that is why the report is bringing attention to it.
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  • The writers studied the 75 countries that can receive financial aid and zero-interest loans from the World Bank's International Development Association (IDA).
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  • The report said the nations risk losing 10 years of development without changes in policy and a lot of international aid.
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  • Kose said growth in many IDA countries had already begun to slow before the COVID-19 pandemic.
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  • But it was just 3.4 percent in 2020-2024.
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  • That is the weakest five years of growth since the early 1990s.
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  • The report blamed Russia's invasion of Ukraine, climate change, and increases in violence and conflict as the main influences on the countries' development.
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  • More than half of all IDA countries are in Sub-Saharan Africa, or Africa south of the Sahara Desert.
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  • Fourteen are in the Asia Pacific area and eight are in Latin America and the Caribbean area.
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  • Thirty-one have per person incomes of less than $1,315 a year.
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  • Those countries include the Democratic Republic of Congo, Afghanistan, and Haiti.
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  • One in three IDA countries is poorer now than they were at the beginning of the pandemic.
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  • IDA countries make up 92 percent of the world's people who lack enough affordable, nutritious food.
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  • Additionally, half of the countries are in debt distress.
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  • That means they are either unable to pay their debt or are at high risk of failing to make payments.
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  • These countries have some resources.
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  • Many are rich in natural resources and have the possibility of solar energy.
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  • They also have young populations at a time when populations are aging in developed countries.
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  • However, private and government creditors have been less willing to loan these countries money.
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  • U.S. Treasury Undersecretary Jay Shambaugh discussed the situation recently.
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  • He warned that China and other emerging official creditors are gaining by reducing loans to low-income countries as the International Monetary Fund and development banks are making money available.
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  • He said that almost 40 countries saw more money leaving the country to pay debt than coming in as new loans in 2022.
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  • And he said that situation likely increased in 2023.
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  • Kose called for ambitious policies to increase investment.
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  • He urged countries to make policy improvements to strengthen their financial systems.
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  • He also added that countries should make structural changes to improve education and increase income.
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  • Kose also called for financial support from the world community to lower the risk of limited economic growth.
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  • He noted that the World Bank hoped rich countries will increase financial support for the IDA by December.
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  • The report added that stronger international efforts on climate change, debt restructuring, and measures supporting international trade remained important.
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  • Indermit Gill is Chief Economist of the World Bank.
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  • He noted that China, India, and South Korea had once been among the world's poorest countries.
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  • He said they were able to deal with poverty and raise living standards.
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  • Those countries are now among the world's strongest economies.
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  • He said, "The world cannot afford to turn its back on IDA countries."
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  • I'm Gena Bennett.
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  • And I'm Gregory Stachel.