This is depressing, but definitely worth noting.
Because wealthier countries of the world have deteriorating economies, such as the U.S., the poorest of the poor in developing countries will be
harshly affected by this:
June 22 (Bloomberg) -- The World Bank said the global recession this year will be deeper than it predicted in March and warned that a flight of
capital from developing nations will swell the ranks of the poor and the unemployed.
The world economy is forecast to contract 2.9 percent this year, compared with a prior estimate of a 1.7 percent decline, the Washington-based lender
said in a report released today. Global growth will return next year with a 2 percent expansion, the bank said, cutting its forecast from a 2.3
percent prediction about three months ago.
Also:
‘Grave’ Prospects
With less capital coming in, growth in the developing world will be 1.2 percent this year, the World Bank said, scaling its outlook back from a 2.1
percent prediction in March.
“Low-income countries face increasingly grave economic prospects if the dramatic deterioration in their capital inflows from exports, remittances,
and foreign direct investment is not reversed in 2010,” the report said.
As a result, “developing countries will most likely face a dismal external financing climate in 2009,” the report said, adding that net private
flows will “barely” be positive.
The bank downgraded its forecast for the U.S. this year, calling for a 3 percent drop in the world’s biggest economy, after predicting a 2.4 percent
contraction in March.
And this too:
Aid Outlook
“The amount of development assistance to low-income countries will not fully cover their external financing needs in 2009, while the outlook for
donor countries to increase aid is significantly bleak, given the intense fiscal pressures they face because of the crisis,” the report said.
My opinion: When you start messing with capitalism in this country, or any other country, thinking you will help those less fortunate and hungry by
taxing the rich, placing more government controls in place, and growing the government, in reality you DO NOT help the less fortunate and hungry but
only make things worse for them...sure, other causes exist for the current global economic crisis, but is our current administration helping
matters???
but of course, far more sinister plans may be lurking in the background of the global financial crisis...
World Bank Cuts Forecast For Global Economy, Developing Nations 
