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Increased poverty is major challenge
By Wang Yanlin |
November 19, 2010, Friday
|
Print Edition
Print Edition
A major challenge facing the world in the foreseeable future is dealing with increased poverty resulting from the global financial crisis, according to a World Bank report released yesterday.
To reduce the huge number of poor people, many of whom live in developing countries, a senior executive at the World Bank called for action against trade protectionism which will make hit developing countries more severely.
The global financial crisis has left an estimated 50 million more people in extreme poverty, defined as living below US$1.25 a day, in 2009 and some 64 million more will fall into that category by the end of this year, the Washington-based World Bank said.
Even with rapid economic recovery, some 71 million people will remain in extreme poverty by 2020 who would not be had the crisis not occurred.
"The World Bank will extend more lending to help developing countries overcome the difficulties," Vinod Thomas, senior vice president of the bank, told Shanghai Daily in an exclusive phone interview.
"But the whole world should unite to fight against protectionism and keep trade open."
The report looked at the bank's role in addressing the global economic downturn. An Independent Evaluation Group said the bank has sought to achieve three objectives: support the most vulnerable, keep long-term infrastructure investment, and sustain the potential for private sector-led growth.
The World Bank committed US$128.7 billion and US$80.6 billion in fiscal years 2009 and 2010.
To reduce the huge number of poor people, many of whom live in developing countries, a senior executive at the World Bank called for action against trade protectionism which will make hit developing countries more severely.
The global financial crisis has left an estimated 50 million more people in extreme poverty, defined as living below US$1.25 a day, in 2009 and some 64 million more will fall into that category by the end of this year, the Washington-based World Bank said.
Even with rapid economic recovery, some 71 million people will remain in extreme poverty by 2020 who would not be had the crisis not occurred.
"The World Bank will extend more lending to help developing countries overcome the difficulties," Vinod Thomas, senior vice president of the bank, told Shanghai Daily in an exclusive phone interview.
"But the whole world should unite to fight against protectionism and keep trade open."
The report looked at the bank's role in addressing the global economic downturn. An Independent Evaluation Group said the bank has sought to achieve three objectives: support the most vulnerable, keep long-term infrastructure investment, and sustain the potential for private sector-led growth.
The World Bank committed US$128.7 billion and US$80.6 billion in fiscal years 2009 and 2010.
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