Monday, September 7, 2009

Crisis having dramatic impact on developing countries; millennium development deadline at risk.

Contribution of Migrants to Development

Excessive deregulation and risk taking are at origin of financial turmoil -- huge income losses and greater poverty are the consequences, says new UNCTAD report

Geneva, 7 September 2009 -- Since September 2008 the financial crisis has turned into a full-fledged recession affecting virtually all markets and countries, either through direct financial contagion or through falling export earnings and lower migrants´ remittances. As a result, the world economy is experiencing its first contraction since the Second World War, with attendant effects on employment in all countries. The contraction now makes it virtually impossible to reach the United Nations Millennium Development Goals by 2015, says UNCTAD´s Trade and Development Report 2009 (TDR)

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