G20 beware: no green shoots for the poorest

Linked with Overseas Development Institute ODI. -  Published on ODI, Sept. 21, 2009.

Talk of green shoots in the OECD countries leaves us wondering whether the financial and economic crisis is behind us. But while the initial panic may be over, talk of an early recovery also seems premature, particularly for those countries on the margins of the global economy where economic dangers still lurk.

Work by ODI confirms that the impact of the financial and economic crisis on developing countries has been significant, with at least two countries facing negative growth in 2009 and a large number of others facing major downward adjustments of pre-crisis growth rates.  The human cost cannot be ignored, with between 50 and 100 million more people trapped in poverty, surviving on less than $1.25 a day and 28 million jobs in Africa alone made vulnerable by the crisis … (full text).

Links:

Green shots: on wikipedia, and on Dictionary.com.

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