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Economic crisis hitting poorer countries

The World Bank and the IMF have said that poorer countries are being hit the hardest in the economic crisis, with the crisis turning into a “human and development calamity.”

In a statement on Sunday they said that the crisis has already driven “more than 50 million people into extreme poverty.”

A 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 amongst 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.”

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