Background Paper prepared by the World Bank Group, G20 Summit on Financial Markets and the World Economy, Washington, D.C. – November 15, 2008 – World Bank: Global Financial Crisis – Responding Today, Securing Tomorrow
“Growth in developing-countries had been expected to reach 6.4 percent in 2009, but has been marked down to 4.5 percent. The economies of high-income countries, many of which have already entered into recession, are now expected to contract by 0.1 percent in 2009, with global growth down to 1 percent. There is much uncertainty and even these scenarios could be optimistic. Some developing countries will be hit much harder than the average experiencing growth which is negative in per capita or even absolute terms. Coming on the heels of the food and fuel price shock, the global financial crisis could significantly set back the fight against poverty.”
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