Original Article by Jenny Lei Ravelo for Devex.com
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Global spending on health reached $9 trillion in 2020, a “new high,” according to the World Health Organization. But with multiple ongoing crises, climate change, and the impact of COVID-19 on budgets, everyone’s looking at ways to raise more funding to help address increasing health needs and prepare for future threats.
According to the World Bank, the pandemic and the Russian invasion of Ukraine will challenge countries’ capacities to spend on health. The bank already projects that 41 countries will have spending ability that is lower than before COVID-19, until 2027. Low-income countries will also be constrained in their investments as they pay the interest for their public debts.