COVID-19 has set back the uneven progress of recent decades, directly causing more than two million deaths. The slowdown, due to the pandemic and policy responses, has pushed hundreds of millions more into poverty, hunger and worse, also deepening many inequalities.
The outlook for developing countries is grim, with output losses of 5.7% in 2020. Compared to pre-pandemic trends, the expected 8.1% loss by end-2021 will be much worse than advanced countries dropping 4.7%.
COVID-19 has further set back progress towards the Sustainable Development Goals (SDGs). As progress was largely ‘not on track’ even before the pandemic, developing countries will need much support to mitigate the new setbacks, let alone get back on track.
The extremely poor, defined by the World Bank as those with incomes under US$1.90/day, increased by 119–124 million in 2020, and are expected to rise by another 143-163 million in 2021.
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