You lost me at economy
By: Sarah
With all the economic bad news in countries like Canada and the US, the tragedy unfolding in developing countries is going unnoticed. Many developing countries, especially in Africa, rely on commodity exports, like oil and gold, and have been hard hit by the dropping demand for these resources around the world. Unlike here in Canada, developing countries cannot afford to provide bailouts or run a deficit until things get better.
The economic crisis in Western economies, such as the US and Canada, will also hurt developing countries by cutting the level of aid that is given out. Some estimates say the economic crisis has already pushed a hundred million people back into poverty, through no fault of their own. If we here in Canada are to be any help we should strongly support the World Bank President’s call for a vulnerability fund to dispense fast and flexible aid to developing countries.
Another option is for all developed countries, including Canada, to finally commit a certain percentage of their economy to the vulnerability fund – perhaps the 0.7% of the GDP that Canada and others countries have committed to but not yet succeeded in providing in international aid.
If you want to learn more about the economic crisis check out the World Bank website at worldbank.org.