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Crisis 'to trap 53m in poverty'
IveSeenTheLight
Posts: 13,322 Forumite
About 53 million people in developing countries will remain poor because of the world economic slowdown, the World Bank has said.
The Bank says the downturn will reverse many of the gains made in reducing poverty in developing countries.
It estimates that 40% of the world's 107 developing countries are "highly exposed" to the global crisis.
And it calls on the rich countries to devote 0.7% of their bail-out packages to help the poor in developing nations.
Poverty line
The global crisis is likely to keep 46 million more people below the absolute poverty line of $1.25 per day, and another seven million under $2 per day, compared with previous World Bank forecasts for 2009.
An earlier version of this story incorrectly stated that 100 million more people would remain poor.
"The global crisis threatens to become a human crisis in many developing countries unless they can take targeted measures to protect vulnerable people," said World Bank president Robert Zoellick.
"While much of the world is focused on bank rescues and stimulus packages, we should not forget that poor people are much more exposed if their economies falter."
Households headed by women will be hit hard by the downturn
The World Bank says the crisis will also delay progress towards reducing infant mortality, which could see 200,000-400,000 more children a year die if the crisis persists.
These developments will undermine the plans agreed by the UN to reach the world poverty targets agreed in the Millennium Development Goals by 2015.
The food and fuel price increases in 2008 pushed another 130-150 million poor people into poverty, the Bank estimates.
G7 meeting
The report comes as the G7 finance ministers - representing the world's richest nations - are meeting in Italy to discuss measures to restore confidence to the global financial system.
The US Treasury Secretary, Timothy Geithner, will be attending a G7 meeting for the first time, and may give details of the new measures planned by the Obama administration to deal with the crisis.
World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, the International Monetary Fund (IMF) warned last month.
The World Bank says that three-quarters of the developing countries most exposed to the crisis - many of them in sub-Saharan Africa - cannot raise the funds they need to curb the effects of the downturn.
The proposed "vulnerability fund" would help by funding safety net programmes for the poor, ensuring that investments in vital infrastructure go ahead, and supporting small enterprises and banks.
The Bank's private finance arm, the IFC, wants to invest $3bn in recapitalising distressed banks, and, along with Germany, has just pledged $500m to support micro-finance institutions which lend to the very poor. Mr Zoellick says that "poor people in Africa should not pay the price for a crisis that originated in America".
http://news.bbc.co.uk/1/hi/business/7886334.stm
The Bank says the downturn will reverse many of the gains made in reducing poverty in developing countries.
It estimates that 40% of the world's 107 developing countries are "highly exposed" to the global crisis.
And it calls on the rich countries to devote 0.7% of their bail-out packages to help the poor in developing nations.
Poverty line
The global crisis is likely to keep 46 million more people below the absolute poverty line of $1.25 per day, and another seven million under $2 per day, compared with previous World Bank forecasts for 2009.
An earlier version of this story incorrectly stated that 100 million more people would remain poor.
"The global crisis threatens to become a human crisis in many developing countries unless they can take targeted measures to protect vulnerable people," said World Bank president Robert Zoellick.
"While much of the world is focused on bank rescues and stimulus packages, we should not forget that poor people are much more exposed if their economies falter."
Households headed by women will be hit hard by the downturnThe World Bank says the crisis will also delay progress towards reducing infant mortality, which could see 200,000-400,000 more children a year die if the crisis persists.
These developments will undermine the plans agreed by the UN to reach the world poverty targets agreed in the Millennium Development Goals by 2015.
The food and fuel price increases in 2008 pushed another 130-150 million poor people into poverty, the Bank estimates.
G7 meeting
The report comes as the G7 finance ministers - representing the world's richest nations - are meeting in Italy to discuss measures to restore confidence to the global financial system.
The US Treasury Secretary, Timothy Geithner, will be attending a G7 meeting for the first time, and may give details of the new measures planned by the Obama administration to deal with the crisis.
World economic growth is set to fall to just 0.5% this year, its lowest rate since World War II, the International Monetary Fund (IMF) warned last month.
The World Bank says that three-quarters of the developing countries most exposed to the crisis - many of them in sub-Saharan Africa - cannot raise the funds they need to curb the effects of the downturn.
The proposed "vulnerability fund" would help by funding safety net programmes for the poor, ensuring that investments in vital infrastructure go ahead, and supporting small enterprises and banks.
The Bank's private finance arm, the IFC, wants to invest $3bn in recapitalising distressed banks, and, along with Germany, has just pledged $500m to support micro-finance institutions which lend to the very poor. Mr Zoellick says that "poor people in Africa should not pay the price for a crisis that originated in America".
http://news.bbc.co.uk/1/hi/business/7886334.stm
:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:
0
Comments
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IveSeenTheLight wrote: »About 53 million people will remain poor because of the world economic slowdown, the World Bank has said.
Hell, I thought you meant in the UK!0 -
Hell, I thought you meant in the UK!
I just copied and pasted the bbc report.
there's even a picture showing a house conditions I believe you would not see in the UK.
The UK people are particular prone to moaning about conditions they have to put up with. Having lived in SE Asia for a few years and travelled around, it is extremely humbling to see some area's "wealth" and how happy they seem to be.
I'm starting to wonder if the more "wealth" you perceive to have the less likely you are to be happy and more likely to "want" more:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »I just copied and pasted the bbc report.
there's even a picture showing a house conditions I believe you would not see in the UK.
The UK people are particular prone to moaning about conditions they have to put up with. Having lived in SE Asia for a few years and travelled around, it is extremely humbling to see some area's "wealth" and how happy they seem to be.
I'm starting to wonder if the more "wealth" you perceive to have the less likely you are to be happy and more likely to "want" more
I've been to a couple of pretty poor places (eg Trinidad, bits of Asia, Wigan) and it is amazing how people live. I stayed with a mate in Trini and he had a cleaner. She lived in a one bed shack with an earth floor. She had plumbing and I think electricity as a result of working in a complex full of foreigners who paid above the going rate. Most local cleaners wouldn't have that AIUI.
To take an example closer to home. If you have a 3 bed semi in Dover it is likely to be worth considerably more than a similar place in Calais (I think). Both places are similar in many hell-hole type ways. Who is wealthier? Well in theory the guy in Dover but in practice I would argue they're both in the same position. In fact if the guy in Dover has a higher mortgage he's arguably worse off.0 -
I've been to a couple of pretty poor places (eg Trinidad, bits of Asia, Wigan) and it is amazing how people live. I stayed with a mate in Trini and he had a cleaner. She lived in a one bed shack with an earth floor. She had plumbing and I think electricity as a result of working in a complex full of foreigners who paid above the going rate. Most local cleaners wouldn't have that AIUI.
To take an example closer to home. If you have a 3 bed semi in Dover it is likely to be worth considerably more than a similar place in Calais (I think). Both places are similar in many hell-hole type ways. Who is wealthier? Well in theory the guy in Dover but in practice I would argue they're both in the same position. In fact if the guy in Dover has a higher mortgage he's arguably worse off.
Wouldn't mind being the cleaner in Trinidad for say, three weeks a year
make it February :T 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Perhaps this would be more appropriate use for the bonuses for failure currently being wheel-barrowed out to [STRIKE]those with their snouts in the trough[/STRIKE] the best financial minds that this country has.0
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There are very few people in this country living in actual poverty. The sort where you have to walk for miles to fetch water. Could you imagine the widespread panic if the taps here ran dry?.......
"You mean we have to walk a few yards outside to a water bowser, thoughtfully provided by the local water company, to collect our own fresh, clean, disease free water? Are you fcking insane?"0 -
There are very few people in this country living in actual poverty. The sort where you have to walk for miles to fetch water. Could you imagine the widespread panic if the taps here ran dry?.......
"You mean we have to walk a few yards outside to a water bowser, thoughtfully provided by the local water company, to collect our own fresh, clean, disease free water? Are you fcking insane?"
That reminds me of a holiday I had in the D.R.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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