World Bank analysis shows that the impact of the crisis is being felt by poor people across the world, many of whom were already hit hard by the food and fuel crises. The pace of poverty reduction has slowed, with about 65 million people estimated to remain under the $2 a day poverty line in 2009 as a result of the crisis.
“Conditions of recession are affecting the world’s poorest people, making them more vulnerable than ever to sudden shocks—but also reducing the opportunities available to them, and frustrating their hopes,” said Justin Yifu Lin, World Bank Chief Economist and Senior Vice President, Development Economics. “This could reverse years of progress, and is nothing less than an emergency for development.”
The upcoming Global Monitoring Report 2009, published annually by the World Bank and International Monetary Fund, and due to be released in late April, will assess the impact of the crisis on the 2015 Millennium Development Goals.
“Conditions of recession are affecting the world’s poorest people, making them more vulnerable than ever to sudden shocks—but also reducing the opportunities available to them, and frustrating their hopes,” said Justin Yifu Lin, World Bank Chief Economist and Senior Vice President, Development Economics. “This could reverse years of progress, and is nothing less than an emergency for development.”
The upcoming Global Monitoring Report 2009, published annually by the World Bank and International Monetary Fund, and due to be released in late April, will assess the impact of the crisis on the 2015 Millennium Development Goals.
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