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global economic crisis

What’s Up (or Down) with Global Hunger?

Duncan Green's picture

Guest post from Oxfam Research Policy Adviser Richard King (right)

Today the UN’s Food and Agriculture Organisation (FAO) is celebrating World Food Day, and is playing host to the latest Committee on World Food Security meeting. Last week, to warm things up, the FAO, World Food Programme, and International Fund for Agricultural Development launched their joint 2012 ‘State of Food Insecurity in the World’ (SOFI) report, with the FAO’s latest estimates of global hunger. If you’re familiar with oft-cited facts such as ‘nearly one in seven people go to bed hungry’, or ‘nearly a billion people don’t have enough to eat’ reverberating around the echo chamber, they’re based on the calculations in previous editions of this publication.

The annual report has commanded a lot of interest over the past few years, partly because we’re living through a time of extraordinary food price volatility, but also because some of the FAO’s estimates of hunger (or more properly ‘undernourishment’) during the global food and economic crises have raised eyebrows. I won’t rehash here previous critiques of the recent estimates; suffice to say the shortcomings have been increasingly recognised by the FAO itself, and they’ve been beavering away behind the scenes to improve both their calculations and the data that they rely on. So it was with much anticipation that we waited to see what changes last week’s report would bring. And [fanfare!] here they are…

Europe and Central Asia facing a slow recovery

Sameer Vasta's picture

April 23, 2010. Washington DC - World Bank/IMF Spring Meetings . Europe and Central Asia regional press briefing. Philippe Le Houerou, Regional Vice President for Europe and Central Asia. Photo: © Simone D. McCourtie / World Bank

At a press briefing earlier today at the Spring Meeting, Philippe Le Houérou, World Bank Vice President for Europe and Central Asia, spoke of how the region has faced the greatest fiscal pressures among all the world's regions during the global economic crisis.

20 out of 30 countries in Europe and Central Asia have experienced a decline in GDP in 2009, and Le Houérou remarked that the region will face a slow recovery in the year ahead:

"2010 is going to be a tough year for the Region with growth projected at around 3 percent.  The prospects for 2011-2013 are only slightly better.  Rising joblessness is pushing households into poverty and making things even harder for those already poor."

Bank Group receives support for more funds, expanded ‘voice’

Angie Gentile's picture

October 5, 2009 - World Bank/IMF Annual Meetings Istanbul, Turkey. Press Briefing. World Bank President Robert B. Zoellick. Photo credit: Simone D. McCourtie/World BankThe joint World Bank-IMF advisory body, known as the Development Committee, committed to the G20’s call for more resources for the Bank to help developing countries respond to the global economic crisis.

Concluding its first day of talks on the Bank’s work and impact at the 2009 annual meetings, the committee expressed support for a general capital increase, a multibillion multilateral food trust fund, and a new crisis facility for the world’s 79 poorest countries.

The Development Committee also agreed to “voice” reform to ensure developing countries get a bigger say in how the institution is run—an increase of at least 3 percentage points in voting power, in addition to the 1.46 percent already agreed. This would give them a share next year of at least 47 percent.

In a statement issued Monday, the Development Committee set a definite decision point for shareholders for Spring 2010 on IBRD and IFC capital needs and “committed to ensure that the World Bank Group has sufficient resources to meet future development challenges.”

The committee noted the Bank’s “vigorous response” to the crisis, including a tripling of IBRD commitments to $33 billion this year and IDA reaching a historic level of $14 billion. They also said that IFC, which has invested $10.5 billion and mobilized an additional $4 billion through new initiatives, “combined strong innovation with effective resource mobilization.”

Zoellick: Protection for most vulnerable must be permanent part of financial architecture

Angie Gentile's picture

World Bank President Robert B. Zoellick. 2009 Annual Meetings, Istanbul, Turkey. Photo credit: Simone D. McCourtie/World BankBank President Robert Zoellick told an overflowing room of journalists this morning that these annual meetings come at an important time for the work of the Bank Group and its members.

“The G-20 summit last week provided clear markers for the work of the World Bank. But more than 160 countries were not at the G-20 table,” he said. “These meetings can therefore ensure that the voices of the poorest are heard and recognized. This is the G-186.”

Zoellick began his remarks by expressing his sympathy for the people of Indonesia, the Philippines, Samoa and Tonga and others in the region, who have been battered by a series of cataclysmic natural disasters.

The Bank’s President told reporters that developing countries are still suffering from the global economic crisis, and it is important for the G20 to scale up support. He said the meetings offer a platform to follow up on the proposal for a crisis facility for low-income countries—critical to ensuring that protection for the most vulnerable becomes a permanent part of the world’s financial architecture.

A "Global" Economic Crisis? Mind the Frame.

Antonio Lambino's picture

“Global problems require global solutions,” a newspaper editorial recently asserted in its analysis of the current economic crisis.  From a communication studies perspective, stressing a particular aspect of an issue – in this case, the global nature of the crisis -- is called “framing.”   To further one’s position, advocates frame an issue by emphasizing some aspects of the phenomenon and deemphasizing others.  Contrasting frames on economic issues have been ubiquitous in the media for some time.  Compare, for example, the ways in which The Economist and CNN’s Lou Dobbs Tonight interpret economic realities.  Given the current crisis, the framing battle is even more apparent.  Protectionists might prefer to focus on a country’s deteriorating local job market and claim that the most pressing need is for government to protect domestic employment or a “domestic jobs frame.”  In contrast, those who believe in free markets might argue that protectionist policies will lead to contracting national economies and that the solution is greater liberalization or a “free trade frame.”