2022 in Nine Charts : A look at the numbers by World Bank

2022 in Nine Charts : A look at the numbers by World Bank

World Bank has recently published a review of global economy for year 2022 which has been a year of uncertainty in article “2022 in Nine Charts”. It indicates that the world is facing steepest economic slowdown since 1970.

There largest economies of the world; USA, China and European Union have been facing sharp economic slowdown and a moderate hit to global economy further increases the risk of recession over next year.

Poverty : a stalled agenda

As per estimates, 685 million people could be living in extreme poverty which makes 2022 the second-worst year for poverty reduction in past two decades.

It is now projected that 7% of the world’s population (nearly 574 million) will be living in extreme poverty in 2030 which is far shorter than global target of 3% in 2030.

Debt Crisis

Overall debt level of developing countries have been increased, with nearly 60% of world’s poorest countries are experiencing debt distress or are at risk of experiencing it. It is hampering their critical investment in sector like economic reforms, health, education and climate change etc.

Response to Covid-19

World Bank Group has financed over $14 billion in more than 100 countries to buy and distribute vaccines, expand storage and cold chains, train health workers, developing tracking system, engage citizens to address vaccine hesitancy, and strengthen health systems.

Rising food and fertilisers insecurity and food inflation

Drastic rise in the food insecurity in 2022 caused by the war in Ukraine, supply chain disruption, high inflation, and global economy downturn all combined to cause largest price rise for many agriculture products and inputs.

Climate Investment

Climate change impact got worse in 2022; extreme flood in Pakistan, drought in China and the Horn of Africa, scratching heatwaves in Europe impacted millions of lives.

Energy

Globally, there are still 733 million peoples do not have access to electricity. And 670 million people will remain without access to electricity in 2030.

Learning Crisis

It is estimated that learning poverty rate in low and middle income countries may have increased to 70%, which will lower the future productivity and lifetime income of today’s children.

Factors which are hindering swift economic recovery

• persistent résurgence of Covid-19 pandemic
• rising food and energy prices
• conflict such as war in Ukraine
• disruption to food, fertilisers and energy supplies