The recession hit hard here in the U.S., but people in poor countries are really out of luck.

• More and more people are being pushed into extreme poverty by the global recession, and the World Bank is asking the 20 largest countries to lend a hand.
• Poor countries that didn’t have a hand in creating the global recession are being hit really hard. They are often forced to cut funding for vital programs in education, health care, and basic infrastructure.
• To build a more sustainable future, the World Bank is pressing for global economic growth to be less dependent on U.S. consumer spending and for less-developed nations to play a more significant role. But to do so, they need aid and access to financing.

Facts and Figures

• The Group of 20 meeting is scheduled for this week with the goal of evaluating the state of the world economy.
• By 2010, the recession will have pushed 89 million people into extreme poverty.
• Last year the top eight economies pledged to give $20 billion in agricultural aid to poor countries, but these pledges haven’t been entirely fulfilled.

Best Quote

“The April summit was for the financial sector, this summit needs to be for responsible globalization.” – Robert B. Zoellick, President of the World Bank Group

Tags: G20, global economy, recession