According to the World Bank, only six out of 26 low-income countries are expected to achieve middle-income status by 2050 unless their growth rates improve significantly. This finding is part of the World Bank’s Global Economic Prospects Report, due for release in January 2025, which examines the performance of these 26 low-income economies.
The bank highlighted that the next 25 years will be crucial in determining whether these nations can escape extreme poverty. Over 40% of the population in these countries currently survives on less than $2.15 a day, making them a focus of global efforts to combat poverty.
However, progress has been hindered by escalating conflicts, recurrent economic crises, and persistently weak growth in these nations. The report also pointed out that in the past 25 years, many of these countries have missed out on economic advancements seen in other parts of the world.
Since the early 2000s, the World Bank has classified 63 countries as low-income, but 39, including India, Indonesia, and Bangladesh, have transitioned to middle-income status. Conversely, countries like Syria and South Sudan, which have faced prolonged crises, have struggled with stagnation, with their GDP per capita growing by less than 0.1% annually over the past 15 years. Without significant economic reform and stability, these 20 nations may remain trapped in poverty well into the future.
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