IMF and WB: War made Sudan the Slowest Growing Country in the World

The World Bank (WB)and the International Monetary Fund (IMF) said that the war in Sudan made it the slowest growing country in the world without a competitor.

According to the World Bank and the International Monetary Fund’s expectations for economic growth in the world’s countries by the end of 2024, Sudan will be the slowest growing country in the world, according to the indicators, the economy destroyed by the war will have a growth rate ranging between (0.3%) in the best case and (-3.18%) in the worst case.

It added in a report that the erosion of the value of the currency is the biggest indicator of the sharp collapse witnessed by the Sudanese economy after the war.

The value of the Sudanese pound fell against the US dollar by 200%, falling from SDGs 550 to the dollar in April 2023 to SDGs 2750, which is the highest rate of collapse witnessed by the Sudanese pound since it was first issued in 1957, 67 years ago.

He pointed out that the worst expectation is the most likely in light of the insistence on continuing the war, and the comprehensive destruction of the tools, inputs, processes and forces of production in all economic sectors, especially agriculture in its plant and animal sectors, industry, oil, energy and minerals, transportation, exports and services. Last February, the International Monetary Fund warned of a catastrophic contraction of the Sudanese economy reaching 18.3% in 2024.

In April 2024, Director of the Regional Bureau for Arab States for the United Nations Development Program, Dr. Abdullah Al-Dardari said in an interview with (United Nations News Website: April 14, 2024) that Sudan lost 25% of its gross domestic product during one year of war, and warned of the continued erosion of the Sudanese economy if the war continues.