Developing Nations Are Dealt a One-Two Hit to Growth
The coronavirus was bad enough, but a faltering U.S. is no longer in a position to offer much help.
Not much help.
Photographer: BRYAN R. SMITH/AFPRecent decades have been glorious for developing countries, where rapid growth has lifted millions of their citizens out of crushing poverty. But the coronavirus pandemic is threatening to halt their gains. And in the long term, the decline of the U.S. may pose an even bigger obstacle for developing nations.
Starting in about 1990, poor countries started catching up to rich ones. South Korea, Taiwan and some countries in Europe reached a fully developed state. China has powered ahead with one of the most impressive and rapid industrializations in world history. And countries such as Malaysia, Turkey, Poland, Romania and Thailand have also reached the cusp of developed status: