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Global crisis needs a global solution: WB

Business

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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June 2020
10 Jun 2020