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| Title: | World Bank official warns on soaring number of poor in 09 |
| Author | World Bank |
| Journal Name or Anthology | "News & Broadcast" |
| Publisher: | World Bank Group |
| Place of Publication: | USA |
| Year of Publication: | 2008 |
Body:
The world financial crisis influenced by the high prices of food and fuel will cause global growth to drop 1 to 2 percent, together "with the emergence of millions of poor, a new underclass," said the World Bank Managing Director, Juan Jose Daboub, following a meeting with Peruvian president Alan García in the capital Lima.
"Each percentage point drop in economic growth, we have an extra 20 million new poor world-wide," said Mr. Daboub currently in Peru for the coming Finance ministers summit in the framework of the Asia Pacific Economic Forum, APEC, which is meeting in Peru Wednesday/Thursday.
"It's essential to have a steady hand on the helm, so that after the storm, when some countries will come out soaked and others with a few drops, they can be ready at the starting line to take advantage of recovery when it arrives," said Daboub. [Mercopress (Uruguay)]
Dow Jones notes that "…Daboub told journalists outside the presidential palace in Lima that Peru's economy is still in a position to attract investment, despite unfavorable economic conditions in other parts of the world. 'The more prepared countries are to overcome these difficulties, the less the impact will be on their citizens,' he said." [Dow Jones/Factiva]
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