UN sees life expectancy, education and income fall
Switzerland sits at the top of the index this year, while South Sudan sits at the other end of the scale.
September 8, 2022, 9:32 am

UN sees life expectancy, education and income fall

Switzerland sits at the top of the index this year with a life expectancy of 84 years, an average of 16.5 years spent in education and median salary of $66,000 - Photo. Pixabay

A new UN report says that over the past two years, nine out of 10 countries have slid backwards on the UN's Human Development Index.

Decades of progress in terms of life expectancy, education and economic prosperity have begun unravelling because of the pandemic, war in Ukraine and the climate change.

UN's Human Development Index was launched in 1990 in an effort to look beyond GDP as a measure of well-being, according to the BBC.

Switzerland sits at the top of the index this year, while South Sudan sits at the other end of the scale.

Switzerland's life expectancy reaches 84 years, with an average of 16.5 years spent in education and median salary of $66,000.

However, life expectancy in South Sudan is 55, and people spend just 5.5 years in school on average and earn $768 a year.

A South-Sudanese government soldier stands guard as a South Sudanese flag flies in the background. (File photo: AP)

Setbacks in a majority of the 191 countries included in the index, especially in life expectancy, have taken development levels back to those seen in 2016, reversing a 30-year trend.

In the US, for example, life expectancy at birth has dropped by more than two years since 2019. In other countries the decline is much higher.

German life expectancy decreased during pandemic years

Over the years since the index was introduced, many countries have faced crises and slid backwards, but the global trend consistently moved upwards.

Last year was the first time the index declined overall since calculations began and this year's results solidified that downward trend.

The impact has been uneven though. Two-thirds of rich countries rebounded last year while most others continued to decline.

Study: Life expectancy in U.S. varies among racial, ethnic groups

This year's index is based on data from 2021. "But the outlook for 2022 is grim," says Achim Steiner, one of its authors, who points out that more than 80 countries are facing problems paying off their national debt.

"Eighty countries being one step away from facing that kind of crisis is a very serious prospect," he says.

"We are seeing deep disruptions, the tail end of which will play out over a number of years."

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.