World Bank forecast is ugly..damn ugly.
The report said that 94 out of 116 developing countries have been hit by economic slowdowns. The World Bank projected that the economic crisis will push around 46 million people into poverty in 2009 through job and wage cuts, as well as declining flows of remittances, the money that foreign workers send to their families. Net private capital flows to emerging markets are plunging, set to fall to $165 billion this year — or 17 percent of their 2007 levels. Falling demand in the West is sparking the sharpest drop in world trade in 80 years, sending sales of the products and commodities of poorer nations spiraling down, the report said.
A great read to start off the week? No, but then…the truth is sometimes very very ugly. What it tells me is that as much as America is hurting, the poorer, third world nations are barely keeping their heads above water.