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A new World Bank report reveals that the 26 poorest countries, home to 40% of the world\u2019s most impoverished people, are experiencing unprecedented debt levels, with an average debt-to-GDP ratio of 72%, the highest in 18 years, Arab News reported yesterday.<\/p>\n\n\n\n
These economies, with per-capita incomes below $1,145, are increasingly dependent on International Development Association (IDA) grants and loans, as market financing has diminished. The report highlights that two-thirds of these nations are either in armed conflict or face social instability, deterring foreign investment.<\/p>\n\n\n\n
Additionally, natural disasters have resulted in average annual losses of 2% of GDP from 2011 to 2023, significantly impacting economic stability. World Bank President Ajay Banga aims to raise over $100 billion by December 6 to replenish IDA\u2019s resources. The report emphasizes the need for improved tax collection and public spending efficiency to bolster these economies, which have become poorer since the onset of the COVID-19 pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"
A new World Bank report reveals that the 26 poorest countries, home to 40% of the world\u2019s most impoverished people, are experiencing unprecedented debt levels, with an average debt-to-GDP ratio of 72%, the highest in 18 years, Arab News reported yesterday. These economies, with per-capita incomes below $1,145, are increasingly dependent on International Development Association …<\/p>\n","protected":false},"author":33,"featured_media":112976,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_108372464460192_245495985553329":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[10047],"tags":[7510,10699],"class_list":["post-112975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-world-bank-report","tag-world-bank-report-highlights-growing-debt-crisis-in-poorest-countries"],"yoast_head":"\n