World BankCall for aid to be stepped up
The World Bank has said the global economy is set to shrink by roughly 3% this year, a figure worse than previously estimated.
'Even with the stabilisation of financial markets in many developed economies, unemployment and under-utilisation of capacity continue to rise, putting downward pressure on the global economy,' World Bank president Robert Zoellick said in a statement.
The latest growth estimate marked a significant revision to the bank's previous estimate of a 1.75% contraction in late March.
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The growth update came ahead of a two-day meeting of Group of Eight (G8) finance chiefs which opens on Friday in Lecce, Italy. Zoellick called for stepped-up aid to poor countries which continue to be battered by the global economic and financial crisis.
'Although growth is expected to revive during the course of 2010, the pace of the recovery is uncertain and the poor in many developing countries will continue to be buffeted by the aftershocks,' he said.
Zoellick urged G8 meetings this month and in July to follow up on the promises made at the Group of 20 meeting in London in April to restore domestic lending and the international flow of capital.
'Even with the stabilisation of financial markets in many developed economies, unemployment and under-utilisation of capacity continue to rise, putting downward pressure on the global economy,' World Bank president Robert Zoellick said in a statement.
The latest growth estimate marked a significant revision to the bank's previous estimate of a 1.75% contraction in late March.
Advertisement
The growth update came ahead of a two-day meeting of Group of Eight (G8) finance chiefs which opens on Friday in Lecce, Italy. Zoellick called for stepped-up aid to poor countries which continue to be battered by the global economic and financial crisis.
'Although growth is expected to revive during the course of 2010, the pace of the recovery is uncertain and the poor in many developing countries will continue to be buffeted by the aftershocks,' he said.
Zoellick urged G8 meetings this month and in July to follow up on the promises made at the Group of 20 meeting in London in April to restore domestic lending and the international flow of capital.
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