Sun, 05 Dec 2021

Washington [US], October 15 (ANI/Sputnik): An estimated 100 million people experienced extreme poverty this year largely in the so-called middle-income countries (MICs) as a result of the economic crisis brought about by the measures implemented to address the novel coronavirus pandemic, the World Bank said in a communique on Friday after a meeting of its Development Committee.

"An estimated 100 million more people have fallen into extreme poverty, about 80 per cent of them in MICs [middle-income countries]," the communique said, adding that millions of jobs have been lost.

The Development Committee welcomed the World Bank Group's (WBG) efforts to respond to the crisis and mitigate its effects.

"Through the fiscal year 2021, the WBG committed $157 billion to protect the poor and vulnerable, expand social protection, support businesses and preserve and create jobs, while helping over 100 countries on emergency health response and strengthening health systems," the communique said.

However, the Development Committee acknowledged the economic recovery has been uneven and the global economy continues to experience uncertainty as a result of the pandemic, especially amid risks for MICs as well as low-income states from the development of new coronavirus variants.

"Their economies remain below pre-pandemic GDP levels and are falling further behind. Volatile commodity prices, supply chain disruptions, inflationary pressures, and constraints on fiscal space have further complicated policy options," the communique said. (ANI/Sputnik)

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