Developing Countries and the Global Crisis
Unless action is taken, the global economic crisis will throw as many as 200 million additional people into poverty this year. The action that should be taken includes new lending facilities - and grants - to developing countries, which cannot afford the stimulus measures, subsidies, and bailouts that the world's advanced economies are doling out.
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NEW YORK – This year is likely to be the worst for the global economy since World War II, with the World Bank estimating a decline of up to 2%. Even developing countries that did everything right – and had far better macroeconomic and regulatory policies than the United States did – are feeling the impact. Largely as a result of a precipitous fall in exports, China is likely to continue to grow, but at a much slower pace than the 11-12% annual growth of recent years. Unless something is done, the crisis will throw as many as 200 million additional people into poverty.