Majority of South Sudanese Face Extreme Poverty in 2024, Says World Bank Report
In 2024, 92% of South Sudan’s 11 million residents lived below the extreme poverty line, earning less than $2.15 daily. A World Bank report links this rise in poverty to poor governance and economic mismanagement. The report also noted hyperinflation affecting 80% of the population. Key officials highlighted the need for effective policy interventions to stabilize the economy and combat inflation.
A recent World Bank report reveals that in 2024, at least 92% of South Sudan’s approximately 11 million residents lived below the extreme poverty line, defined as earning less than $2.15 per day. This information was disclosed at the launch of the seventh edition of the South Sudan Economic Monitor (SSEM) in Juba. Factors contributing to the increase in poverty include ineffective governance, poor management of oil revenues, and insufficient fiscal policies.
Titled “A Pathway to Overcome the Crisis,” the report further notes that hyperinflation and widespread food insecurity now impact nearly 80% of the population. World Bank Group Country Manager, Charles Undeland, emphasized the economy’s significant decline over recent years, forecasting a stark contraction of about 30% in GDP for Fiscal Year 2025, alongside an alarming inflation rate of 139% as of August 2024.
The Minister of Finance and Planning, Dr. Marial Dongrin Ater, expressed that the findings would serve as a crucial framework for developing future policies. He acknowledged the government’s ongoing efforts to achieve macroeconomic stability through effective fiscal and monetary measures, which have shown signs of success, such as improved exchange rate stability.
Professor Robert Mayom Deng, Vice Chancellor of the University of Juba, cautioned that inflation continues to adversely affect household purchasing power. He emphasized the need for the implementation of robust macroeconomic policies highlighted in the report to mitigate poverty and promote inclusive growth. The South Sudan Economic Monitor offers an annual analysis of economic trends, challenges, and strategic recommendations for the nation.
The World Bank’s recent report reveals alarming statistics about extreme poverty in South Sudan, with 92% of the population living below the poverty line. It underscores the country’s economic deterioration due to ineffective governance and fiscal policies. Key figures in the government and academia stress the urgency of adopting effective measures to stabilize the economy and enhance living conditions. As the findings suggest, addressing inflation and food insecurity is critical for fostering inclusive growth and mitigating poverty.
Original Source: www.radiotamazuj.org
