Even before the pandemic, half a billion people were already being pushed into extreme poverty because of payments they made for health care. The organizations expect that that number is now considerably higher.
An acceleration in scaling up manufacturing and sharing enough vaccine doses with low-income countries could have added USD 38 billion to their GDP forecast for 2021 if they had similar vaccination rates as high-income countries, according to the data.
World Bank Senior Economist, Richard Walker says a discovery of a vaccine against Covid 19 will help tame the economic decline, but there still remains worry over the high borrowing rates, the possible effects of the general elections and poor budget management.
According to Works Minister Gen. Edward Katumba Wamala, the World Bank is still not satisfied with the social safeguards in place, following controversies surrounding the compensation of households affected by the quarry used by the approved contractor Mota-Engil in Katine, Soroti District. The project has been halted since 2018.
In East Africa, Tanzania was also studied and researchers found at least $145m had been hidden by its elites. Researchers concluded that this was because politicians, elites and their cronies got access to aid money and instead of using it to work on projects that developed their countries, they hid it away for personal use.