Global crisis needs a global solution: WB

Global crisis needs a global solution: WB

by CW India Staff on Apr 21, 2009

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World Bank group president, Simone D. McCourtie World Bank

The World Bank (WB) has said that resolution to the ongoing economic crisis needs serious participation from governments, multilateral institutions and the private sector.

WB group president Robert B Zoellick said: “We need to react in real time to a growing crisis that is hurting people in developing countries. This global crisis needs a global solution.”

Based on the findings of a new research, the WB stated that global financial institutions cannot by themselves currently cover the shortfall that includes public and private debt and trade deficits - for the 129 developing countries.

Only one quarter of vulnerable developing countries have the ability to finance measures to blunt the economic downturn, such as job-creation or safety net programmes, the research said.

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