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Increasing proverty is highlighted in the report of the world bank

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Increasing proverty is highlighted in the report of the world bank


Striking results are found especially regarding the Covid-19 pandemic in the last few years and the economic consequences of the Ukraine-Russia War, in the report published by the World Bank.


Striking results are found especially regarding the Covid-19 pandemic in the last few years and the economic consequences of the Ukraine-Russia War, in the report published by the World Bank.

According to the report, while it is stated that the effect of multiple shocks in the economy will be seen especially in the Asia-Pacific region, it is underlined that it is predicted that poverty will increase and growth will be much slower in these regions.

Many global economies experienced a recession, while the Asia-Pacific region reached a growth of 7.2% in 2021, with the Covid-19 pandemic. In addition to the decline in household purchasing power and struggling with high debt levels, the region was also affected by the change in global monetary policies.

The Development Credit Authority has urged governments to lift fiscal restrictions to unlock more opportunities for trade. The institution added to its invitation that it is important to support the green economy by using greener energy technologies.

Aaditya Mattoo, Chief Economist for East Asia and the Pacific at the World Bank, said: “Continuing economic shocks will cause governments to shrink in their financial capacity. And unfortunately for people who will face the effects of shrinkage, it will have painful and negative effects. Only with financial and trade reforms can risks be reduced, growth revived and poverty tackled.”


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