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Released Date - February 17, 2010
WORLD –ECONOMY: XINHUA PACNEWS BIZ: Wed 17 Feb 2010
World Bank forecasts dull economy for developing countries
17 FEBRUARY 2010 LAGOS (Xinhua) ---- The World Bank has released a report that painted a dull picture of pervasive poverty, low standard of living, and impending food crisis for developing countries in the nearest future.
Onno Ruhl, the bank country director for Nigeria, presented its 2010 World Development Report at the National Climate Change Summit held in Abuja on Monday.
The report indicated that an estimated population of 1.4 billion people in developing countries currently lives on less than $1.25 per day while one billion people lack access to drinking water.
According to the report, 1.6 billion people lacked access to electricity while three billion people lacked adequate sanitation.
Attainment of Millennium Development Goals (MDG) is currently being threatened by the devastating effects of climate, the World Bank said.
The bank predicted in its report that the worsening effect of climate change would make it more difficult for countries to produce enough food, a situation that could lead to increase in food scarcity globally.
"Climate change is already compromising efforts to improve standards of living and achieve the Millennium Development Goals. Estimates are that developing countries will bear some 75 to 80 percent costs damages caused by the changing climate," the report said.
“It will result in permanent reduction in GDP of four to five percent for Africa and South Asia. Climate change will make it harder to produce enough food for the world's growing population, and will alter the timing, availability and quantity of water resources,” it added.
According to the World Bank, most developing countries lack sufficient financial and technical capacities to manage increasing climate risk.
They depend directly on climate-sensitive natural resources for income and well-being, it said, adding that most are in tropical and sub-tropical regions that are subjected to highly variable climate.
Economic growth alone is unlikely to be fast or equitable enough to counter threats from climate change, particularly, if it remains carbon intensive and accelerates global warming, the bank said.
As part of efforts to mitigate the likely impact of climate change, the World Bank said developing countries should embrace new technology, drastically reduce emissions and embrace the use of renewable energy…PNS (ENDS) |
