Poorest countries face $11.6 billion shortfall in critical core spending, with sharp drops in trade, capital flows, remittances, and tourism; despite efforts to date, further action is needed
While the global economy is showing tentative signs of recovery, 43 low-income developing countries are still suffering the consequences of the global recession, which highlights the need to increase support to the poorest countries dealing with economic volatility and crisis, the World Bank said.
In a paper prepared for the upcoming G-20 meeting in Pittsburgh, the World Bank said that as a result of the crisis 89 million more people will be living in extreme poverty, on less than $1.25 a day, by the end of 2010. The global recession has also put at risk $11.6 billion of core spending in areas such as education, health, infrastructure and social protection in the most vulnerable countries.
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