News Developments

An Archive of News and Developments

Tag Archives: Economy

Poor Struggle More Due To Financial Crisis

Comments Off

The impact of global financial crisis is going to hit the poor harder than other people. They are going to face problems of hunger, sicker, and unemployment due to the present global financial crisis. And this time the developed nations may not come to rescue because they themselves have major troubles to deal with. The cut-backs on charities from the richer nations have already started. Some poor countries of Africa, Latin America and Asia which rely on charities are going to face bad times. Even we saw the situations where nation like Iceland has to sell itself away to somebody due to bankrupt. But there are many poor countries even not even worth buying with so many dollars. There was a project by UN to help these poor nations by providing them with certain amounts of money, food, medicines, clothes, and whatever possible. But the target seems impossible to achieve because of the present conflict on Global economy.

Read the rest of this post

Filed under Society, Top News
Oct 19, 2008

World’s Rich Nations To Rescue Africa

Comments Off

Do you know that two-fifths of Africa’s population still live on less than $1 a day, the continent has 12 percent of the world’s population but accounts for just 1 percent of global gross domestic product, and its volume of external trade represents just 2 percent of global trade. And there are much more things about the poverty of Africa. Our UN secretary-General Ban Ki-Moon said that the situations have gone worst after the global financial crisis. And to rescue Africa from this, it is estimated to cost around $72 billion a year. Who can donate such a big amount except the richer countries? This price tag may be daunting but “it is affordable,” and points to the estimated $267 billion that the world’s richest nations spent last year just on agricultural subsidies. But we can see the situation of rich nations after the economic slowdown and turmoil on Wall Street. At this phase this may be hard to achieve. Moreover some people blame rich countries for the break down of global trade negotiations that would open markets to poorer countries. So, lets wish for the crisis to waive soon even for the sake of poor souls expecting some help from us.

Filed under Society, Top News
Sep 29, 2008