Global crisis needs a global solution: WB
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.