The World Bank published a study on Sunday that found 26 of the world’s poorest nations — including Afghanistan, Yemen, Ethiopia, and North Korea — are “in deeper debt than at any other time since 2006.”
The World Bank’s “Poverty, Prosperity, and Planet Report” noted that “poverty reduction slowed to a crawl” after the Wuhan coronavirus pandemic.
“Poorer countries did worse than the wealthier economies in responding to the pandemic. Conflict in Europe and the Middle East then disrupted the supplies of foodgrains and fuel,” the report said.
The result was worldwide poverty rising for the first time in decades, putting the World Bank’s stated goal of reducing extreme poverty to three percent of the global population by 2030 “out of reach.”
If current trends continue, that goal might be reached by 2055 at the earliest, and eliminating “middle-income” poverty — incomes of less than $6.85 a day — could take the rest of the century. […]
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