MDB Reform and African Priorities - State of Play: The Global Economy and Low-income Economies

This session will explore the impact of global economic trends on low-income countries. The 75 poorest and most vulnerable countries are facing exceptional challenges, setting the stage for historic economic reversals. According to the World Bank, one in three low income countries is poorer today than before the global pandemic, and the number of people facing hunger or malnutrition has doubled. As a result, the gap between rich and poor countries is widening, a trend that is projected to continue. Deteriorating debt dynamics, a high interest rate environment and increased prevalence and intensity of natural disasters are among the factors that are curtailing more robust recoveries in the poorest countries. Panelists will discuss these factors as well as how the international development community should respond.