Monday, March 09, 2009

World Bank Claims Global Economic Downturn Could Hurt Developing Countries Most

A new report released by the World Bank warns that the first global recession since World War II is taking a major toll on developing countries, undoing efforts to reduce poverty and possibly leading to political instability. See the article in the Washington Post or read the full World Bank report, Swimming Against the Tide, which is available on its website as a PDF.

The World Bank suggests ways in which developed nations dealing with their own financial struggles can still assist developing countries. One proposal is for developed countries to contribute 0.7 percent of the money spent on stimulus programs to a new Vulnerability Fund to help developing countries. The Vulnerability Fund is described in this press release.

For additional resources, see our guides to the World Bank and Development.

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