SUBSCRIBE TO OUR FREE NEWSLETTER
PUBLISHED |

Economic crisis hitting poorer countries

Economic crisis hitting poorer countries article image

Poorer countries are being hardest hit in the economic crisis, according to The World Bank and the International Monetary Fund (IMF ). The crisis has turned into a "human and development calamity", driving "more than 50 million people into extreme poverty". The World Bank/IMF report warned on Friday that up to 90 million more people may be affected by the crisis, trapped in extreme poverty, with African countries among the most vulnerable. To help combat the problem, The World Bank has launched a $US55 billion ($A76.99 billion) infrastructure investment program designed specifically to help developing countries survive the global economy crisis. According to Brazilian Finance Minister Guido Mantega in the future, all countries need to work together to prevent further crises from occurring. "Steps to limit downturns must not be adopted only when a crisis is under way. Applied in advance by all ... they could be an effective protection against future crisis."

Tags

Leave A Comment

Spinning icon Saving your comment, please wait...
Spinning icon Saving your comment, please wait...
SUBSCRIBE TO OUR FREE NEWSLETTER