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Swimming Against the Tide: How Developing Countries are Coping with the Global Crisis" The World Bank 21 pages Download...
...World Bank said it first: in 2009, the global economy will contract for the first time since World War II. That's the banner headline of the international financial group's March 9 report, but, particularly for developing countries, the devil runs rampant through the details. (Really, when a report is titled "Swimming Against the Tide," you know there's not much good news forthcoming.) The World Bank paints a downright dismal picture of the growth prospects for developing countries, which are just now beginning to feel the full repercussions of the credit crisis that started in the United States...
...World Bank does its best to offer suggestions to get the world out of this quagmire. That might be the only bright part in this otherwise sobering assessment - the Bank says there is "growing recognition" of the steps that need to be taken. Chief among those is the need to restore confidence in the financial system and the demand for foreign trade. Most stimulus packages are designed to meet these two needs. More difficult to swallow might be the recommendation to up the "quantity and quality" of direct aid to developing countries, an area of the budget many countries...
...present in another rapidly growing country. The country has both an abundance of national resources and a large supply of workers who can be trained to work in factories. China has also grown and continues to grow with virtually no restrictions on how industry effects the environment. The World Bank estimated that 700,000 Chinese die prematurely due to poor air quality. Perhaps the best way to look at that number is that it is the price of progress...
...even many of his former hedge-fund backers aren't particularly happy. As Dodd and House Financial Services Committee chairman Barney Frank work to craft legislation overhauling the nation's banking and securities regulations, Dodd's populist ploys give many on Wall Street pause. "The competition for capital and talent is now global. What we saw when the Senate inserted the executive-compensation restrictions was a cause and effect," Tom Quaadman, who works on financial-sector issues at the U.S. Chamber of Commerce, says, pointing to examples of companies like Deutsche Bank and UBS poaching U.S. talent driven away...