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Developing countries at tipping point - World Bank
19 Nov 2008 19:39:45 GMT
 Source: Reuters
BERLIN, Nov 19 (Reuters) - A global economic downturn has pushed developing countries to the brink and many are in urgent need of help from richer nations, World Bank President Robert Zoellick said on Wednesday.

"As in the past, at any time of economic crisis, the poor are the most vulnerable," Zoellick said in the text of a speech at Humboldt University in Berlin commemorating former German Chancellor Willy Brandt.

"Many developing countries are now at a dangerous tipping point. They need support," he added. "The financial rescue needs to be complemented by a human rescue."

The World Bank has sharply cut its forecast for growth in the developing world to 4.6 percent, down from a 6.4 percent forcast it made in June. As a result of global economic woes, the bank expects its lending to rise to $35 billion this year from $13.5 billion in 2007.

Emerging market economies have come under pressure as investors unwind funding positions amid worries about a global recession. Many countries face problems because they cannot gain quick access to credit as banks hoard money and refuse to lend to each other.

Zoellick told the audience in Berlin that the turmoil seen in financial markets in September and October threatened to aggravate poverty and malnutrition.

"Many governments in developing countries have taken courageous steps over the last years to put their houses in order," he said. "This crisis is not of their making. They should not have to pay for the errors of the developed world."

Zoellick urged Germany and other EU members to support new members of the 27-nation bloc that have come under severe economic pressure of late. He also touched on relations with Russia, saying the financial crisis might offer a chance to work with Moscow to overcome the strains of past years.

"Today's financial crisis could be an opportunity to develop sounder economic relations that might be a foundation, with Russia's help, to build cooperation in solving common problems," he said.

(Writing by Noah Barkin, editing by Mark Trevelyan)


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