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Category Archives: Low-income countries

Least developed countries being badly hit by world downturn

The world financial and economic crisis has reversed recent growth trends in the world’s poorest nations, according to a report just issued this morning by the United Nations Conference on Trade and Development (UNCTAD). The Fourth United Nations LDC Conference, held last year in Istanbul, resulted in a Programme of Action that sets a target of having at least half … Continue reading

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UK manufacturing flat in November

There is no sign of revival in UK manufacturing according to figures published this morning by the Office for National Statistics. There was no growth at all in manufacturing output between October and November 2009. In fact, total manufacturing output fell by 5.4% in November compared with the same month a year ago.   The largest contributors to this decline … Continue reading

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Poorest countries need to adopt a new approach

The UN Conference on Trade and Development (Unctad) has just published its “Least Developed Countries Report 2009”, which looks at the world’s 49 poorest countries.   The report says the Least Developed Countries (LDCs) need to focus macroeconomic policy on building up both the productive capacity of their economies and infrastructure. Also, they need to ensure that their fledgling banking … Continue reading

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Developing countries hit by falling FDI inflows

Developing countries have not been immune from the global recession or the fragile nature of financial markets. In fact, net private capital inflows to developing countries fell to $707 billion in 2008, which was a severe drop from the peak figure of $1.2 trillion in 2007. It is projected that international capital flows will fall further in 2009 to $363 … Continue reading

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Why aid to Africa must increase

 I came across this blog yesterday by Shanta Devarajan, the Chief Economist of the Africa Region at the World Bank, and thought that it would be good to copy it in full. “In rich countries, when economic growth declines by three or four percentage points, people lose their jobs and possibly their houses, but they regain them when the economy … Continue reading

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World Bank slashes forecasts for growth and trade

The World Bank now predicts that global GDP growth will now contract by 1.7% in 2009, which means that world output will contract for the first time since the 2nd World War.   According to Hans Timmer, Manager, Global Trends in the World Bank’s Development Prospects Group: “Even if global growth turns positive again in 2010, we are not yet … Continue reading

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G20 is a hit, but Brown’s battleship stays afloat

“This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for delivery,” was the way Gordon Brown summarised the outcome of the G20 summit in London.   According to the communiqué issued in the name of … Continue reading

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Development aid reaches its highest level ever

Figures published by the OECD yesterday show that total net official development assistance (ODA) from members of the OECD’s Development Assistance Committee (DAC) rose by 10.2% in real terms in 2008 to reach $119.8bn. This is the highest dollar figure ever recorded. In total, it represents 0.30% of member countries combined gross national income (GNI).   This is great news … Continue reading

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Global economy to shrink for first time since World War Two

In a paper prepared for last weekend’s G20 meeting of Finance Ministers, the World Bank said that the global economy is likely to shrink this year for the first time since the second world war. With growth at least 5 percentage points below potential, the World Bank forecasts that global industrial production could be as much as 15% lower by … Continue reading

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Poorest countries hit by third wave of global financial crisis

First the advanced economies, then the emerging economies and now the world’s poorest and most vulnerable countries are being hit by the global crisis. This was according to Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF) on Tuesday this week as he launched a new report.  He said: “This puts at risk the major achievements of higher growth, … Continue reading

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