Publication: Global Monitoring Report 2009 : A Development Emergency
Date
2009
ISSN
Published
2009
Author(s)
World Bank
International Monetary Fund
Abstract
The global financial crisis, the most
severe since the great depression, is rapidly turning into a
human and development crisis. The financial crisis
originated in the developed world, but it has spread quickly
and inexorably to the developing world, sparing no country.
Increasingly it appears that this will not be a short-lived
crisis. The poor countries are especially vulnerable, as
they lack the resources to respond with ameliorative
actions. The crisis poses serious threats to their hard- won
gains in boosting economic growth and achieving progress
toward the Millennium Development Goals (MDGs). Poor people
typically are the hardest hit, and have the least cushion.
For millions of them, the crisis puts at risk their very
survival. At high- level meetings held in 2008 to mark the
MDG halfway point, world leaders expressed grave concern
that the world was falling behind most of the MDGs, with the
shortfalls especially serious in human development, and
issued an MDG call to action to step up development efforts.
The U.K. prime minister spoke of a 'global poverty
emergency.' These concerns were expressed before the
onset of the full-blown global financial crisis. If there
was development emergency then, there surely is one now. The
financial crisis threatens serious further setbacks and
greatly increases the urgency for action.
Citation
“World Bank; International Monetary Fund. 2009. Global Monitoring Report 2009 : A
Development Emergency. © World Bank. http://hdl.handle.net/10986/2625 License: CC BY 3.0 IGO.”