The World Bank predicts that as many as twenty-three million more people are expected to fall into extreme poverty in Nigeria and Sub-Saharan Africa.
A report through a World Bank newsletter revealed that Russia’s invasion of Ukraine and the commodity market, supply chains, inflation, and financial conditions are what intensified the slowdown in economic growth.
The possibility of high inflation has been raised and it could cause economic stress in the future.
The World Bank president said that the global recession is the worst it’s been since World War II.
He says,
“Even if the global economy manages to avoid another recession, a painful situation of stagflation could persist for several years.”
Growth in the region is projected to slow this year due to economic downgrades of over 60%. Russia’s invasion of Ukraine has caused price pressures and reduced economies.
The report read, “It is expected that more people in SSA will live in extreme poverty, and as the government provides increased subsidies, decreases funds from imports of food and fuel, and with some countries not even acknowledging the war’s effects, it will vary across different countries.â€
