A quarter of developing countries have seen their economic output fall behind where they stood in 2019, before the COVID-19 pandemic ravaged global growth, according to a recent report from the World Bank.
The Washington-based organization has identified several low-income countries in sub-Saharan Africa as having experienced a negative economic shock over the past six years. Botswana, Namibia, and Mozambique are among those that have failed to raise average incomes despite growing by 1.2% and 4.4% last year. Even South Africa, which boasts one of the fastest-growing populations in the developing world, has stagnated.
The World Bank's report highlights a global economic slowdown since the pandemic hit, with growth now deemed insufficient to reduce extreme poverty and create jobs where they are needed most. Emerging market and developing economies are expected to slow their growth from 4.2% last year to just 4% next year.
While some countries, such as those in the US, have shown resilience, progress is likely to be modest over the coming years. The global economy is forecast to grow at a slower pace than it did during the tumultuous 1990s, while carrying record levels of public and private debt.
The World Bank has downgraded its growth projections for China, with estimates now ranging from 4.4% this year to 4.2% next year - below previous forecasts and even lower than the Communist party's prized target of 5%. This is largely due to pressure on Beijing following Donald Trump's increase in tariffs on Chinese imports.
The World Bank warns that many countries are struggling with avoidable policy mistakes, including lax budget rules and failure to liberalize private investment and trade. To avoid stagnation and joblessness, governments must aggressively pursue these reforms.
The Washington-based organization has identified several low-income countries in sub-Saharan Africa as having experienced a negative economic shock over the past six years. Botswana, Namibia, and Mozambique are among those that have failed to raise average incomes despite growing by 1.2% and 4.4% last year. Even South Africa, which boasts one of the fastest-growing populations in the developing world, has stagnated.
The World Bank's report highlights a global economic slowdown since the pandemic hit, with growth now deemed insufficient to reduce extreme poverty and create jobs where they are needed most. Emerging market and developing economies are expected to slow their growth from 4.2% last year to just 4% next year.
While some countries, such as those in the US, have shown resilience, progress is likely to be modest over the coming years. The global economy is forecast to grow at a slower pace than it did during the tumultuous 1990s, while carrying record levels of public and private debt.
The World Bank has downgraded its growth projections for China, with estimates now ranging from 4.4% this year to 4.2% next year - below previous forecasts and even lower than the Communist party's prized target of 5%. This is largely due to pressure on Beijing following Donald Trump's increase in tariffs on Chinese imports.
The World Bank warns that many countries are struggling with avoidable policy mistakes, including lax budget rules and failure to liberalize private investment and trade. To avoid stagnation and joblessness, governments must aggressively pursue these reforms.
They're telling us the global economy is gonna slow down? I mean, I've seen this before... back in my day, we had recessions too 
. It's always something, right? The problem is, it affects everyone. Even countries like China, which are super strong. I don't get why they'd downgrade their growth projections. That's like saying you're not as good at basketball just 'cause you had a bad game last week 
.
. It's just not fair.
But seriously, it's hard to see how they're gonna get these countries back on track.
, and I'm like totally mesmerized. I mean, have you ever seen anything like it? The way it's pawing at the keys, creating this beautiful melody... it's like it's actually feeling the music or something! Anyway, back to the news... this World Bank report is super concerning. It's like, we're supposed to be making progress on poverty and stuff, but instead we're stuck in a rut. I wonder if that cat playing piano video has anything to do with productivity? Maybe it's just me, but watching all those videos of cats doing random stuff makes me wanna learn how to play the piano too! 
the world economy is really taking a hit and it's not just china, alot of countries are feeling the pinch, especially those in africa 
like botswana, namibia and mozambique, they're supposed to be growing but they're not 
it's like they're stuck in neutral 
, so now they're basically backtracking 
, it's like they never recovered from the pandemic 
. and the world bank is saying that governments need to do something about it, but like how ? 
they need to make some changes, like liberalizing private investment and trade, but that's easier said than done 
, there are still some countries doing alright, like those in the us 
, but overall, this report from the world bank is a bit of a wake-up call 
, we need to take action before things get even worse 
.
those african countries are really struggling with 1.2% growth and all they're doing is growing their population lol meanwhile in south africa they're stagnant too 
trump was always gonna screw that up 
but seriously guys we need to get our act together and prioritize policy reforms over debt and stuff 
the world bank's got a point though - avoidable mistakes are real and it's time for governments to take action 
governments need to step up on budget rules & trade liberalization ASAP 
and a lot of countries are struggling to get back on track 
? the world bank is saying that many countries are making avoidable policy mistakes 
, but i'm not sure if they're gonna get it together 
, which is weird considering how big of a deal they make about their growth rates 
. and south africa, one of the fastest-growing populations, has stagnated? what's going on over there? 
.
. the future of these countries is too important not to get it right 
. It's like we're back to the 90s, remember how that was all about struggling with debt and growth? 
I don't think the US is exempt either – we're always talking about resilience but it seems like we're not immune to this slowdown either 
.
. South Africa's growth is stagnant 
. The World Bank's report shows we're in for a slower pace 
, 4% growth next year 
, lax budget rules and lack of liberalization 
!
. The World Bank's report highlights how some countries are making progress while others aren't 
. We need to see some concrete actions from these governments, not just more of the same old promises