WASHINGTON: A new analysis by the World Bank suggests that without significant intervention, 20 of the world's 26 poorest countries may remain in poverty through 2050. These nations, which together account for more than 40 percent of the global population subsisting on less than $2.15 a day, have seen little economic progress due to ongoing conflicts, economic crises, and weak growth. According to Kuwait News Agency, the findings are detailed in the World Bank's upcoming Global Economic Prospects report, set to be published in January 2025. The report notes that since the beginning of the 21st century, 39 countries have transitioned from low-income to middle-income status, which is defined by an annual per capita income exceeding $1,145 as of 2023. However, the remaining low-income countries, including recent additions like South Sudan and the Syrian Arab Republic, have experienced stagnation, with inflation-adjusted GDP per capita growing by less than 0.1 percent annually over the last 15 years. Indermit G ill, the World Bank Group's Chief Economist and Senior Vice President for Development Economics, emphasized the critical nature of the next 25 years for these nations. He stated that the global community has a significant interest in aiding these countries to overcome poverty. Gill highlighted that despite facing greater challenges than previous low-income nations, including conflict, fragility, and vulnerability to climate change, there is potential for economic progress through improved policies and international assistance. The analysis underscores that 22 of the 26 poorest countries are in Sub-Saharan Africa, with 17 experiencing conflict or fragility at lethal rates 20 times higher than other developing economies. Many are also in debt distress or at high risk of it. However, these countries possess substantial natural resources, such as cobalt and graphite reserves, crucial for renewable energy, and significant potential for solar-energy production. Additionally, their rapidly expanding working-age pop ulations could drive economic growth, contrasting with shrinking demographics elsewhere.
