World Bank\'s paper seeks to protect vulnerable economies amid crisis

There is concern at the international level that some vulnerable economies may be left behind as the world shows faint signs of economic recovery, according to a report by VonDez Phipps on www.sknvibes.com.



The latest economic policy paper issued by the World Bank addresses the need to assist developing states in realizing economic recovery. The paper, entitled \"Protecting progress: the challenge facing low-income countries in the global recession\", was released yesterday and focuses on the unique challenges facing small developing states as a result of the ongoing financial and economic crisis.



According to World Bank Group President Robert Zoellick, there has been some progress by international companies in trying to \"break the fall\", but he noted that it is time to recognize that \"developing countries are part of this solution\".



\"Looking to the longer term, developing countries can be vital parts of a global economy with multiple poles of growth, with responsive public sectors and dynamic private sectors; this would be more balanced,\" he explained in a conference call yesterday.



While the World Bank Group, along with regional development banks, has been stretching to assist, Zoellick underscored that the G20 needs to put incentives in place to help developing countries build productivity, investment and sources of energy.



Explaining some of the challenges that developing countries are still struggling to address, Zoellick said, \"The paper that we\'re releasing today shows that low-income countries are being hard hit through a collapse in trade, especially for commodity-exporting nations, decline in tourism, as well as remittances, while the crisis for developed countries has meant higher unemployment, for many in the poorest countries it means naked survival.\"