A World Bank report reveals that 92% of South Sudan’s population lives in extreme poverty as of 2024. The report attributes this crisis to poor governance, mismanagement of oil revenues, and hyperinflation affecting nearly 80% of the population. Government officials emphasize the need for effective policies to restore economic stability and combat poverty.
A recent World Bank report indicates that 92% of South Sudan’s estimated 11 million inhabitants lived below the extreme poverty line in 2024, which is defined as surviving on less than $2.15 daily. The report, part of the seventh edition of the South Sudan Economic Monitor (SSEM), was launched in Juba and identifies weak governance and poor management of oil revenues as primary contributors to increasing poverty levels.
Titled “A Pathway to Overcome the Crisis,” the report also emphasizes that nearly 80% of the population is suffering from hyperinflation and widespread food insecurity. World Bank Group Country Manager Charles Undeland expressed concern over the significant decline of the economy in recent years, noting a GDP contraction of roughly 30% for Fiscal Year 2025 and an alarming inflation rate of 139% as of August 2024, severely affecting purchasing power.
Dr. Marial Dongrin Ater, South Sudan’s Minister of Finance and Planning, stated that the report’s insights will inform ongoing and future policy strategies. He stressed the government’s commitment to restoring macroeconomic stability through prudent fiscal and monetary policies, achieving encouraging outcomes like improved exchange rate stability and enhanced fiscal transparency.
Professor Robert Mayom Deng, Vice Chancellor of the University of Juba, underscored the adverse effects of inflation on household purchasing power. He mentioned the report’s call for critical macroeconomic policies to combat the ongoing crises and emphasized the need for options that facilitate inclusive growth and address the rising poverty driven by the cost of living increases.
The World Bank report starkly reveals that a staggering 92% of South Sudanese live in extreme poverty, driven by rampant inflation and inadequate fiscal governance. With economic conditions deteriorating markedly, the report underscores the urgent need for effective policy interventions to alleviate the hardships faced by a substantial portion of the population. It serves as a vital guide for future economic strategies aimed at enhancing stability and promoting inclusive growth.
Original Source: www.radiotamazuj.org
