In 2024, 92% of South Sudan’s population is in extreme poverty, according to a World Bank report. Hyperinflation and food insecurity affect 80% of citizens. Economic decline has sharply worsened, indicating a need for effective reforms and policies to stabilize the economy.
A recent World Bank report reveals that in 2024, approximately 92% of South Sudan’s 11 million residents lived below the extreme poverty line, defined as subsisting on less than $2.15 per day. This data was disclosed in the 7th edition of the South Sudan Economic Monitor (SSEM) launched in Juba, which attributes the poverty crisis to inadequate governance, poor oil revenue management, and ineffective fiscal policies.
Titled “A Pathway to Overcome the Crisis,” the report emphasizes the severe impact of hyperinflation and food insecurity, affecting nearly 80% of the population. World Bank Group Country Manager Charles Undeland remarked on the significant economic decline over recent years, forecasting a sharp deterioration in Fiscal Year 2025 with a projected GDP contraction of approximately 30%. Furthermore, inflation soared to 139% in August 2024, greatly diminishing the purchasing power of citizens.
Dr. Marial Dongrin Ater, South Sudan’s Minister of Finance and Planning, indicated that the report would inform ongoing and future policy strategies. He noted that the government aims to restore macroeconomic stability through responsible fiscal and monetary policies, which have facilitating exchange rate stability and improved fiscal transparency.
Professor Robert Mayom Deng, Vice Chancellor of the University of Juba, highlighted the need for effective macroeconomic strategies to combat inflation, which has escalated living costs and heightened poverty levels. He urged for implementation of the policies suggested in the report to establish a foundation for inclusive economic growth.
The South Sudan Economic Monitor serves as an annual report by the World Bank, assessing critical economic developments and strategic policies relevant to South Sudan.
The World Bank report underscores the alarming level of poverty and economic distress faced by the majority of South Sudan’s population in 2024. With 92% of the citizens living below the extreme poverty line, the findings reveal the urgency for effective governance and economic reforms. The comments from key officials highlight a commitment to rectify the economic situation while outlining actionable policy measures that aim to establish a foundation for sustainable growth.
Original Source: www.radiotamazuj.org
