World Bank Group
Sanchez-Paramo, C., Hill, R., Mahler, D., Narayan, A., Yonzan, N.
2021-10-7
Article on the global economy bouncing back from the economic ravages of the coronavirus pandemic, with growth of 5.6 percent expected for 2021. But this recovery is not being experienced equally. Poorer countries are contending with a deeper, longer-lasting crisis that has increased global poverty and is reversing recent trends of shrinking inequality. The result is that the impact of the COVID-19 is largest for the world’s poorest. In 2021, the average incomes of people in the bottom 40 % of the global income distribution are 6.7 % lower than pre-pandemic projections, while those of people in the top 40 percent are down 2.8 %. The reason for this large difference: The poorest 40 % have not started to recover their income losses, while the top 40 % has recovered more than 45 % of their initial income losses. Between 2019 and 2021, the average income of the bottom 40 percent fell by 2.2 percent, while the average income of the top 40 % fell by 0.5 %.
- COVID-19 Pandemic
- Economic
- Education
- Gender and/or Agency
- Social Support and Protection
- Africa
- Caribbean
- Global
- Latin America
- Senegal
- Sub-Saharan Africa
- West Africa
- Low- and Middle-Income Countries (LMICs)
- Adolescents (boys and/or girls 10-19 years old)
- Adult women
- Adults (men and/or women 19+ years old)
- Country-level population(s)
- Women (adults and/or adolescents)
- Research
- Article