The World Bank Group’s $100 billion replenishment is set to support low-income countries in overcoming barriers to essentials like education, health, and safe water. Despite the global economy showing signs of stabilizing after several years of continuous shocks, developing countries have yet to catch up with advanced economies. Low-income countries risk falling even further behind.
The World Bank Group acknowledges the harsh reality that ending extreme poverty everywhere by 2030 is now out of reach. Anemic economic growth, the lasting effects of the COVID-19 pandemic, crushing debt burdens, and rising fragility and conflict have stalled the pace of reducing global poverty. Devastating climate shocks and extreme weather threaten to slow or reverse progress even more.
As the year closes, the World Bank Group highlights pressing development issues faced in 2024 and outlines its efforts to work with countries to overcome these challenges. The focus remains on supporting low-income countries to build resilience and improve access to essential services.