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STORY: UN / GLOBAL ECONOMIC PROSPECTS
TRT: 2.05
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 31 MARCH 2009, WASHINGTON DC / FILE
FILE – WORLD BANK - JUNE 2008, BISHKEK, KYRGYZSTAN
1. Various shots, street scene
FILE – WORLD BANK - FEBRUARY 2009, DHAKA, BANGLADESH
2. Various shots, market scene with tricycles and man with ladder
3. Wide shot, man carrying bricks off boat
MARCH 2009, WASHINGTON DC
4. SOUNDBITE (English) Elliot Riordan, Senior Economist, World Bank:
“We have to remember, for developing countries, this is the third crisis that they’re seeing in succession. First was the energy crisis, then it was the food price hike, which really got countries off pretty adversely. After they’d adjusted to those situations, now we’re going through a financial and economic crisis.”
FILE – WORLD BANK - 2008, TAJIKISTAN
5. Wide shot, men and women working in fields
FILE - WORLD BANK - MOLDOVA, NOVEMBER 2008 CALFA VILLAGE
6. Wide shot, village scene with car driving past tractor
FILE – WORLD BANK - SEPTEMBER 2008, CAIRO, EGYPT
7. Med shot, street scene in market, man with money
8. Wide shot, street scene in market, people walking
FILE – WORLD BANK - MARCH 2009, MONROVIA, LIBERIA
9. Wide shot, ship offloading cargo
MARCH 2009, WASHINGTON DC
10. SOUNDBITE (English) Elliot Riordan, Senior Economist, World Bank:
“We’ve really seen unprecedented declines in production, in trade, in investment across both sets of countries so far this year. It’s been surprising for most analysts, the depths to which these changes have occurred.”
FILE – WORLD BANK - APRIL 2008, MUMBAI, INDIA
11. Tilt down, street scene with bank and cars
MARCH 2009, WASHINGTON DC
12. SOUNDBITE (English) Douglas Hostland, Senior Economist, World Bank:
“The concern is they won’t be able to refinance many of these expenditures. There is a real need in the system to have more support by international financial institutions. We hope the G20 has a healthy debate on this issue and comes to the support of the majority of the poorest countries out there.”
FILE – WORLD BANK - JUNE 2008, ROMANIA
13. Various shots, manufacturing in packaging company
As world financial and economic conditions deteriorate fast, developing countries can expect a sharp and abrupt decline in growth this year. It its Global Economic Prospects update, the World Bank predicts GDP growth in the developing world will slow to 2.1 percent, which will have a big impact on the poorest people.
SOUNDBITE (English) Elliot Riordan, senior economist, World Bank:
“We have to remember, for developing countries, this is the third crisis that they’re seeing in succession. First was the energy crisis, then it was the food price hike, which really got countries off pretty adversely. After they’d adjusted to those situations, now we’re going through a financial and economic crisis.”
The poor in Eastern Europe and Central Asia will be severely affected by the downturn. The biggest big drop in growth is forecast there. Lower growth in 2009 is predicted for Latin America, Asia and Sub-Saharan Africa, too. The Middle East and North Africa are the least hard hit, for now.
But globally, world output is expected to show its first decline since World War II, with wide ranging effects for both developed and developing countries.
SOUNDBITE (English) Elliot Riordan, senior economist, World Bank:
“We’ve really seen unprecedented declines in production, in trade, in investment across both sets of countries so far this year. It’s been surprising for most analysts, the depths to which these changes have occurred.”
As investments and capital slow, developing countries will have more difficulties repaying loans.
SOUNDBITE (English) Douglas Hostland, senior economist, World Bank:
“The concern is they won’t be able to refinance many of these expenditures. There is a real need in the system to have more support by international financial institutions. We hope the G20 has a healthy debate on this issue and comes to the support of the majority of the poorest countries out there.”
The World Bank predicts a weak global economic recovery in 2010, but says that the conditions of recession will persist through 2011, adding the pace and timing of the recovery is still highly uncertain.
