Half of the world's poorest 75 countries are witnessing a widening gap between their income and that of the richest economies for the first time this century, the World Bank has revealed, in a historic reflection of development. According to the report, the gap between per capita income growth in the poorest and richest countries has widened over the past five years.
Deputy Chief Economist at the World Bank, Ayhan Kose, explained: “For the first time, we do not see a convergence. They are getting poorer, as we are witnessing a serious structural decline, and a reversal in the world, and for this reason we are ringing the alarm bells.”
The report showed that the 75 countries eligible for grants and interest-free loans from the World Bank's International Development Association (IDA) risk losing a decade of development without an ambitious policy shift and significant international assistance.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
