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Thursday, April 25
A review contained in the World Bank flagship report for the year 2022 titled ‘Global Economic prospect’, said;“The pandemic has reversed at least a decade of gains in per capita income in some countries—in almost a third of the region’s economies, including Angola, Nigeria, and South Africa, per capita incomes are forecast to be lower in 2022 than a decade ago.” The report claimed that the current hike in food prices across the nation’s could amplify the negative impact of increased poverty on economic growth, noting nearly 110 million people in countries like Nigeria, the Democratic Republic of Congo, Ethiopia, and South Sudan had been in situations characterised by food crises.
“Further rise in food prices would squeeze households’ purchasing power and erode consumer confidence, causing more subdued growth and hindering poverty reduction,”the report stressed..
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