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Crisis 'to trap 53m in poverty' | Crisis 'to trap 53m in poverty' |
(about 19 hours later) | |
About 53 million people in developing countries will remain poor because of the world economic slowdown, the World Bank has said. | 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. | 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. | 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. | 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 | 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. | 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. |
FROM THE BBC WORLD SERVICE More from BBC World Service | |
An earlier version of this story incorrectly stated that 100 million more people would remain poor. | 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. | "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." | "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." |
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. | 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. | 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. | The food and fuel price increases in 2008 pushed another 130-150 million poor people into poverty, the Bank estimates. |
G7 meeting | 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 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. |
Households headed by women will be hit hard by the downturn | |
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. | 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. | 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 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 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. | 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". | Mr Zoellick says that "poor people in Africa should not pay the price for a crisis that originated in America". |