"A Quarter of Developing Countries Still Struggling, World Bank Warns"
A growing number of developing countries are facing economic challenges that have left them poorer than they were in 2019, according to a report by the World Bank. The report found that over a quarter of low-income countries in sub-Saharan Africa and other parts of the world are struggling to recover from the pandemic.
Some of these countries include Botswana, Namibia, Chad, Central African Republic, and Mozambique, where economic growth has been sluggish due to various factors such as wars, famines, and infrastructure challenges. Even countries like South Africa and Nigeria, which have made progress in terms of economic growth, failed to raise average incomes over the period.
The World Bank's chief economist, Indermit Gill, attributes these trends to "avoidable policy mistakes" rather than mere misfortune. According to Gill, developing countries need to stick to strict budget rules and liberalize private investment and trade to achieve sustainable growth.
Gill emphasizes the importance of investing in new technologies and education, as well as reducing public consumption, to avert stagnation and joblessness. However, he also notes that the global economy has become less capable of generating growth, with economies struggling to create jobs for young people, especially those under 16 who are expected to enter the workforce in the next decade.
The report projects that the global economy will grow slower than it did in the 1990s, carrying record levels of public and private debt. China's economic growth is also expected to slow down, with the World Bank predicting a growth rate of 4.2% this year and next.
Overall, the World Bank's report highlights the challenges facing many developing countries and the need for policymakers to take decisive action to achieve sustainable growth and reduce poverty.
A growing number of developing countries are facing economic challenges that have left them poorer than they were in 2019, according to a report by the World Bank. The report found that over a quarter of low-income countries in sub-Saharan Africa and other parts of the world are struggling to recover from the pandemic.
Some of these countries include Botswana, Namibia, Chad, Central African Republic, and Mozambique, where economic growth has been sluggish due to various factors such as wars, famines, and infrastructure challenges. Even countries like South Africa and Nigeria, which have made progress in terms of economic growth, failed to raise average incomes over the period.
The World Bank's chief economist, Indermit Gill, attributes these trends to "avoidable policy mistakes" rather than mere misfortune. According to Gill, developing countries need to stick to strict budget rules and liberalize private investment and trade to achieve sustainable growth.
Gill emphasizes the importance of investing in new technologies and education, as well as reducing public consumption, to avert stagnation and joblessness. However, he also notes that the global economy has become less capable of generating growth, with economies struggling to create jobs for young people, especially those under 16 who are expected to enter the workforce in the next decade.
The report projects that the global economy will grow slower than it did in the 1990s, carrying record levels of public and private debt. China's economic growth is also expected to slow down, with the World Bank predicting a growth rate of 4.2% this year and next.
Overall, the World Bank's report highlights the challenges facing many developing countries and the need for policymakers to take decisive action to achieve sustainable growth and reduce poverty.
. I remember when I was younger, I saw my family go through tough times too, and it's disheartening to see countries still struggling after all these years 
. The World Bank's report is a harsh reminder that there's still so much work to be done, especially in sub-Saharan Africa where economic growth has been sluggish for far too long 
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. The fact that China's economic growth is slowing down too is a big concern.
. Maybe it's time for some fresh thinking and collaboration between countries? We need to support each other, not just talk about it 
. It's like they're stuck in a never-ending cycle of poverty 
. The World Bank's report is saying that it's not just the pandemic, but also policy mistakes and stuff that's holding them back 
. I mean, investing in tech and ed is one thing, but what about healthcare? 
Those countries need to focus on getting their people healthy first before they can worry about growth 
. We really need to step up our support for these countries or we'll never see an end to poverty 
I'm kinda surprised they're blaming "avoidable policy mistakes" instead of just the pandemic? Like, come on, it was a global crisis that hit everyone hard! 
Those poor African countries are already struggling with wars and famines, do you really think they can just magic up some economic growth by following strict budget rules? 
but also gotta acknowledge that some countries are just not getting it right 
I was just looking at this news and I'm like "wait a minute, didn't we already learn about this in 2019?" 
Anyway, the World Bank is saying that policy mistakes are the main culprit and we need to invest in new tech and eduction to avoid stagnation... yeah, no kidding! 
some of them are even making progress but not raising average incomes 
and reduce public spending 
gotta do something to avoid stagnation and joblessness 
. And it's not just about the economy either - education and technology are key to getting out of poverty. I mean, think about it... if you can't even get the basics right (like teaching kids how to code), how are they gonna compete in the global market? 
And what's with all this talk about "avoidable policy mistakes"? Can't these countries just get some good advisors who know what they're doing? 
I guess it's just a reminder that we need to be more patient and supportive. We can't just sit back and hope for the best - we need to take action 
. We need to be thinking about how we're going to support these future workers and make sure they have the skills they need to succeed 
, but I think there's still hope for policymakers to make some changes and get things back on track 
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. It's all about avoiding policy mistakes, but what about all the stuff that these countries just can't control? Wars, famines, and natural disasters - those things can happen to anyone, anywhere. And then there's the fact that global growth has slowed down, which makes it harder for people to find jobs 
. And South Africa and Nigeria, which have made progress in the past, still can't get their average incomes up? That's like, what even is the point of growth if you're not seeing that benefit at the community level? 
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, but we gotta make sure it's not just about profiting from those countries. Like, there needs to be a plan for how that money is gonna benefit the actual citizens of those countries 
. And honestly, I'm a bit worried about China's growth slowing down... what does that mean for global trade and stuff? 
, and also liberalize private investment and trade to boost growth 
, not good for the global economy 
