The 26 poorest nations in the world are more heavily in debt than any time in the last 18 years, according to a new report. Climate change and conflict are major drivers of poverty in the affected countries.
The World Bank published a new study late on Sunday highlighting 26 countries that “are in deeper debt than at any other time since 2006.”
The list includes Afghanistan, Yemen, Syria, and North Korea. Most of the other nations are in sub-Saharan Africa, and include Ethiopia and Chad.
With an annual per capita income of less than $1,145 (€1,050) a year, the World Bank said these countries “are poorer today on average than they were on the eve of COVID-19,even though the rest of the world has largely recovered.”
A little but what most people don’t seem to be aware of is that most war spending far outstrips what was spent on lockdown etc. Yet, for some reason, this lesser amount is meant to be the cause of all economic misfortune right now.
Countries can cope with things like that well enough. The problem is, we’re no longer taxing the rich to pay for things, the way we always used to, anymore and most counties have been asset stripped by those very same people they used to tax properly.