The developing nations will face a finance shortfall of $270-700 billion in 2009, as private sector creditors are avoiding emerging markets and only a quarter of most vulnerable countries have the resources to prevent a rise in poverty. World Bank report says that 94 out of 116 developing countries have experienced a slowdown in economic growth. Of these countries, 43 have high levels of poverty.
The most affected sectors are export, construction, mining and manufacturing. It noted that more than half a million jobs have been lost in last 3 months of 2008 in India, specially in gems, jewellery, automobile and textile industry.
Robert B Zoellick, World Bank Group President said, "We need to react in real time to a growing crisis that is hurting people in developing countries." He added that the global recession needs a global solution and preventing an economic disaster in developing nations is important for global efforts to over come the present crisis.