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Developing countries could experience a ‘lost decade’

Martin Wolf

The crises of the past three years have hit all countries, but emerging and developing countries have borne the brunt of them. As a result, the average income gap between rich and poor countries has stopped narrowing, according to the just-released Global Economic Prospects 2023 by the World Bank. Worse, given the damage that has been done and is likely to persist for years to come, the gap may not start closing again anytime soon.

By the end of 2024, emerging and developing economies…

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