Microfinance Gateway: Site Content: Crisis Hitting Poor Hard in Developing World

Microfinance Gateway: Site Content: Crisis Hitting Poor Hard in Developing World: "Crisis Hitting Poor Hard in Developing World"
Almost 40% of 107 Developing Countries Highly Exposed to Poverty Effects of Crisis

The World Bank group has said that the spreading global economic crisis is trapping up to 53 million more people in poverty in developing countries. With child mortality rates set to soar, the crisis is posing a serious threat to achievement of the Millennium Development Goals (MDGs). New estimates for 2009 suggest that lower economic growth rates will trap 46 million more people on less than US$1.25 a day than was expected prior to the crisis. An extra 53 million will stay trapped on less than US$2 a day. This is on top of the 130-155 million people pushed into poverty in 2008 because of soaring food and fuel prices."