Business

World Bank raises concern over widening gap between poorest, richest nations

The World Bank has said that, for the first time this century, half of the world’s 75 poorest nations are witnessing a widening income gap compared to the wealthiest economies, marking a significant historical reversal in development trends.


According to the report, per capita income growth in these countries has lagged the richest nations over the past five years.


According to Reuters News, the report said the 75 countries eligible for grants and zero-interest loans from the World Bank’s International Development Association (IDA) risk a lost decade of development without ambitious policy shifts and significant international aid.