After several years of multiple, continuous shocks, the global economy is finally showing signs of stabilizing. Despite the grimmest predictions, the world managed to avoid a global recession this year.
However, while advanced economies have largely recovered, developing countries have yet to catch up. Low-income countries risk being left even further behind—despite the vigorous efforts of the World Bank’s International Development Association (IDA), which is now their main financial lifeline.
The world faces a harsh reality: despite decades of progress, ending extreme poverty everywhere by 2030 is out of reach. Amid anemic economic growth, the lasting effects of the COVID-19 pandemic, crushing debt burdens, and rising fragility and conflict, the pace of reducing global poverty has effectively stalled. Devastating climate shocks and extreme weather threaten to slow or reverse progress even more.
As we close out the year, here are some of the most pressing development issues countries faced in 2024 and how the World Bank Group is working with them to overcome these challenges.
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