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WASHINGTON D.C. / GLOBAL ECONOMIC GROWTH
STORY: WASHINGTON D.C. / GLOBAL ECONOMIC GROWTH
TRT: 2.30
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 11 JUNE 2009, WASHINGTON D.C., UNITED STATES / FILE
TURKEY, JUNE 2009
1. Wide shot, market
2. Med shot, street with people
3. Med shot, bazaar
4. Close up, US dollars
5. Wide shot, street with bank
6. Close up, people on street
INDIA, MAY 2008
7. Med shot, men sitting
8. Wide shot, train
11 JUNE 2009, WASHINGTON D.C., UNITED STATES
9. SOUNDBITE (English) Mansoor Dailami, Study’s Author, World Bank Group:
“ The scenario for the next several years, going forward, is that growth is going to be at subdued levels, investment in many productive sectors, down, possibly in many social sectors, as government contracts on its expenditures which were very critical for social needs—you’re doing to see an increase in the overall poverty in many of these countries.”
PHILIPPINES, JULY 2008
10. Wide shot, village
11. Med shot, street
12. Wide shot, girl running with wheelbarrow
13. Wide shot, farmers in field
WASHINGTON, DC, NOVEMBER 2008
14. Wide shot, street scene
TAJIKISTAN, MAY 2009
15. Wide shot, street
ARMENIA, FEBRUARY 2009
16. Close up, street
17. Wide shot, buildings
MOZAMBIQUE, FEBRUARY 2007
18. Wide shot, street
19. Med shot, truck carrying men
20. Med shot, street
21. Med shot, women working in a factory
22. Wide shot, men outside
INDIA, MAY 2008
23. Various shots, rupees
24. Wide shot, slum
11 JUNE 2009, WASHINGTON D.C., UNITED STATES
25. SOUNDBITE (English) Mick Riordan, Senior Economist, World Bank Group:
“We’re still left with a lot of problems, with high unemployment rates, which persist with capacity and utilizations, how much is planned and how much is being used at very low levels, and with fiscal deficits left over from stimulus plans put in place by governments. So this all means we’re going to have these problems with us for several years to come; even once we get out of the trough of this recession.”
VIETNAM, NOVEMBER 2007
26. Wide shot, traffic
TURKEY, MAY 2009
27. Various shots, street
MOLDOVA, NOVEMBER 2008
28. Med shot, street
29. Wide shot, bank
VIETNAM, NOVEMBER 2007
30. Close up, money in bank
INDIA, MAY 2009
31. Pan right, Mumbai slums
Private capital flows around the world fell sharply in 2008, and World Bank economists predict they will tighten even more this year…down from a peak two years ago of 1.2 trillion US dollars to only 363 billion dollars this year.
Capital keeps the world’s economies moving. A drop in capital, and in economic growth, means fewer jobs, declines in trade, and cuts to the financial and social help governments provide to the neediest.
And this squeeze is likely to be felt for some time, especially in developing countries.
SOUNDBITE (English) Mansoor Dailami, Study’s Author, World Bank Group:
“ The scenario for the next several years, going forward, is that growth is going to be at subdued levels, investment in many productive sectors, down, possibly in many social sectors, as government contracts on its expenditures which were very critical for social needs—you’re doing to see an increase in the overall poverty in many of these countries.”
The World Bank predicts global growth will actually be negative in 2009, with developing countries hit hardest; East Asia and the Pacific hurt because of trade links with developed countries.
Europe and Central Asia, which entered the crisis with some economic instability, are expected to start recovering—very slowly—in 2010.
Sub-Saharan Africa: rocked by falling export prices, a drop in international aid, and a decline in remittances—which is the money sent home by economic migrants, who now have fewer job options abroad.
But economists warn that government support can only go so far in buttressing the global financial system.
Private capital and private enterprises must, ultimately, drive investment and create jobs, which will in turn ignite demand for goods and services.
SOUNDBITE (English) Mick Riordan, Senior Economist, World Bank Group:
“We’re still left with a lot of problems, with high unemployment rates, which persist with capacity and utilizations, how much is planned and how much is being used at very low levels, and with fiscal deficits left over from stimulus plans put in place by governments. So this all means we’re going to have these problems with us for several years to come; even once we get out of the trough of this recession.”
The authors of the World Bank study note that many big economies’ quick response to the crisis has prevented systemic collapse.
But they caution that a new world, with more sluggish growth, demands leaders keep a tight watch on the global financial system in the years to come so that a relapse into crisis can be avoided.
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