A Development Emergency, the title of this year’s
Global Monitoring Report, the sixth in an annual series, could
not be more apt. The global economic crisis, the most severe since the
Great Depression, is rapidly turning into a human and development
crisis. No region is immune. The poor countries are especially
vulnerable, as they have the least cushion to withstand events. The
crisis, coming on the heels of the food and fuel crises, poses serious
threats to their hard-won gains in boosting economic growth and
reducing poverty. It is pushing millions back into poverty and putting
at risk the very survival of many. The prospect of reaching the
Millennium Development Goals (MDGs) by 2015, already a cause for
serious concern, now looks even more distant.
A global crisis requires a global response. The crisis began in the
financial markets of developed countries, so the first order of
business must be to stabilize these markets and counter the recession
that the financial turmoil has triggered. At the same time, strong and
urgent actions are needed to counter the impact of the crisis on
developing countries and help them restore strong growth while
protecting the poor.
Global Monitoring Report 2009, prepared jointly by the staff
of the World Bank and the International Monetary Fund, provides a
development perspective on the global economic crisis. It assesses the
impact on developing countries—their growth, poverty reduction,
and other MDGs. And it sets out priorities for policy response, both by
developing countries themselves and by the international community. The
report also focuses on the ways in which the private sector can be
better mobilized in support of development goals, especially in the
aftermath of the crisis.
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