Global economy set for weakest growth since pandemic, warns World Bank – BBC
“…higher interest rates in the world’s biggest economies also make borrowing more expensive in poorer countries and the World Bank is particularly concerned about how affordable that is for the world’s 75 poorest countries. This is one way in which the report highlights that richer countries are recovering better from the pandemic than poorer nations.
“‘At the end of 2024 we project that all advanced economies will have a per capita income that is higher than what they had before COVID,’ said Mr. Gill. However, he added the average income of an individual in an emerging economy will be 75% of the pre-covid level, while it could be as low as 66% in the poorest countries.
“There is particular concern about the cost of food for the world’s poorest people, especially given last year’s 27% increase in the price of rice, which has been linked to India severely restricting exports. However ample supplies of other crops such as grains mean average food prices are set to fall 1% this year.”