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For many of the world's poorest nations, economic outlook is bleak

As interest rates soar and the economy slows, the World Bank sees an 'enduring setback' for many developing economies.

The World Bank forecasts hard times ahead for low-income nations.
A street scene in Varanasi, India, one of the lower to middle income developing nations where the World Bank forecasts hard times ahead in its near-term outlook. (AN/Rubén Bagüés / Unsplash)

WASHINGTON (AN) — For the poorest of the poor, things are about to get even worse before they get better.

Already under the hammer of the pandemic, climate change, escalating commodity and energy costs, food insecurity, ballooning interest payments and, in many places, civil unrest, the state of the global economy offers only more bleak news for the developing world, according to the World Bank’s latest update.

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