Lower-income countries are being hit hardest in the current economic environment, but a set of small nations is particularly devastated and will need the help of the international community to generate innovative financial solutions and prevent a reversal in development, World Bank officials told Devex.
It’s a “priority” for the lender to get more assistance to small states and island nations, defined as countries with less than 1.5 million people, according to Ayhan Kose, director of the bank’s prospects group. Many are geographically far from global economic powerhouses, leaving them at a disadvantage, and they often face severe climate challenges.
“Many of them are highly vulnerable to natural disasters, hurricanes, tropical cyclones, floods — you name it,” Kose said. “Small states are small, but they have large problems.”