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Browsing: Economic shocks affecting developing nations
Since Covid-19 struck, developing nations have been battered by global external forces further dampening their growth prospects.
- Under the World Bank’s income classifications, the world currently comprises 28 low-income, 108 middle-income, and 81 high-income economies.
- Worse, the World Bank says, in more than a third of the poorest countries, incomes per head will be below 2019 levels in 2024.
Economic indicators for Kenya and other developing nations have continued to depict a grim picture over the past four years, according to a new World Bank report.
The global lender states that economic growth prospects for developing nations, including Kenya, for the first four years of the 2020s have proven to be the weakest in almost 30 years.
According to the World Bank’s January economic forecast report, the average growth rate for developing nations during the period under review is 3.4 per cent, lower than it has been since the 1990s.…