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What the World Bank Is Doing

September 22, 2009—The global economy is showing signs of recovery, but poor countries are still suffering the consequences of the financial crisis and global recession. The poorest countries need additional help to move beyond the global recession. These countries can play a key role in helping to boost global demand, but they will need access to financing for years to come. The Bank is calling for a Crisis Response Facility so that quick assistance can be provided to vulnerable countries following such shocks. Read More

Remittances to Fall Less than Expected in 2009

November 18, 2009—Flows of migrant workers’ earnings to developing countries are likely to reach $317 billion despite the economic crisis, but significant risks to this source of income lay ahead.

East Asia and Pacific: Transforming the Rebound into Recovery

November 4, 2009—Domestic demand in China helps fuel the region's resurgence but some countries still struggling, says a new Bank report.

China Quarterly Report

November 4, 2009—China's economic growth is likely to remain robust, but the costs of keeping policy expansionary increase over time, says a new Bank report.

E. Europe, Central Asia: Turmoil at Twenty

November 3, 2009—Report on eve of 20th anniversary of the Berlin Wall's fall says structural reforms are now necessary to protect hard-won gains.

South Asia: Can Job Creation Help the Region to Escape Global Economic Crisis?

October 28, 2009—In South Asia more than 150 million people are expected to enter the prime working age population over the next decade. Creating jobs for them will contribute to growth, equity, and peace in the region.

Recovery Emerging, But Not Yet for All

October 1, 2009—Has the global economy bounced back from the sudden and very deep recession that began last fall?

Videos: Bank Experts on Different Aspects of the Financial Crisis

Interactive Financial Crisis Timeline
See the story of the unfolding financial crisis and the Bank's response--in words, images, video, maps and more. Drag the timeline left and right to see key milestones. Click into individual dates and time spans for more in-depth coverage. Fall 2007 through July 2008 Food and fuel prices surge -Oil rises $133/barrel in July 2008 – -Several countries suffer shortages and malnutrition due to export bans and rising prices April 2, 2008
Early Investments to Fight Hunger
World Bank calls for plan to fight hunger, pledges to double agricultural investment in Africa to $800 million Fall 2008
Crisis Spreads
-US Treasury intervenes in growing financial turmoil
-Crisis spreads rapidly through financial sectors of advanced economies
-Major banks draw back on financing for trade and foreign investment
-Crisis begins to hit emerging economies – Interview. Late 2008, early 2009:
Slowing growth; diminishing wealth
-GDP and job losses surge across high income countries
-Oil drops to $41/barrel in December 08
-24 of 26 middle income countries experience GDP declines
-Bank begins to fast-track assistance to hard-hit countries.
World Bank Group launches facilities to boost microfinance, infrastructure, and bank recapitalization February 29, 2008 – April 24, 2008
Harsh New Reality
-36 countries are in crisis as a result of higher food prices and will require external assistance.
-The root causes of the phenomenon of rising food prices—high energy and fertilizer prices, the demand for food crops in biofuel production, and low food stocks—are likely to prevail in the medium term, says the Bank. May 2008
Response Initiatives
$1.2 billion Global Food Crisis Response Program (GFRP) launches to provide relief to countries hard hit by food high prices. In April 2009, GFRP is increased to $2 billion.
Geomap Food Crisis InitiativesOctober 8, 2008
Food, Fuel and Financial Crises
- Developing countries face triple hit from food, fuel and financial crises adding that the number of malnourished people globally will grow by 44 million, to 967 million, in 2008.
- At the Bank-Fund 2008 Annual Meetings, the Bank warns that the financial bailout must include developing countries as well. Feature Story Youtube Video Speech VideoJanuary 30, 2009
The Vulnerability Fund
The Bank calls for developed countries to pledge the equivalent of 0.7 percent of their stimulus packages, or as much as they can in additional money, to help developing countries, which can't afford bailouts and deficits.
Feature Story February 4, 2009
Conditional Cash Transfers
The Bank expands conditional cash transfer programs to $2.4 billion. Such programs offer qualifying families money in exchange for commitments such as taking babies to health clinics and keeping children in school.
VideoMarch 31, 2009
Global Output Contracts
According to latest Bank economic forecast, first decline in global output since World War II is expected in 2009, as global GDP is set to contract by 1.7 percent. [http://go.worldbank.org/W8KF9G5660] April 21, 2009
Strengthening Protections
The Bank triples investments in safety nets and other social protection programs in health and education to $12 billion over next two years to protect the most vulnerable people from the worst effects of the global economic crisis.
April 23, 2009
Infrastructure on Track
The Bank creates a $45 billion in infrastructure financing over the next three years to help create jobs, speed crisis recovery and ensure long-term development. The Bank is also boosting overall agricultural lending to $12 billion over the next two years. June 8, 2009
Boosting Rural Finance
The Bank establishes the Agriculture Finance Support Facility to expand rural finance through a $20 million Bill & Melinda Gates Foundation contribution. The Facility will increase access to financial services, such as savings, credit, payments and insurance. June 11, 2009
More Help Needed for the Poor
-World economy will decline this year by close to 3% percent, more than previously estimated
-Poor countries will continue to be hit hard by multiple waves of economic stress. June 22, 2009
Charting a Global Recovery
-World sees drop in global output, trade and private capital flows.
-Indicators of a deepening recession inform the Bank’s push for concerted global action while crisis is still underway.

July 1, 2009
Record Assistance to Crisis-Hit Countries
The Bank Group committed nearly $60 billion in 2009 to help countries struggling amid the global economic crisisAugust 2009
Continued Price Rise
-Oil back up to $70/barrel (27.5% higher than 2005 prices)
-Food crisis continues with prices still 57.6% higher than in 2005 September 16 2009
Signs of Recovery, Poor Still Hurting
-GDP declines slow or end in many advanced economies, but recovery of employment expected to lag
-43 poorest countries are still suffering and will need additional assistance to move beyond the global recession. September 28, 2009
Responsible Globalization
-World Bank President Robert Zoellick outlines new vision for a world post-financial crisis.
-In a speech, Zoellick says, “Coming out of this crisis, we have an opportunity to reshape our policies, architecture, and institutions.”
Speech. Press release. Blog post.
By 2010 and Beyond
-89 million more people expected to be living in extreme poverty (on less than $1.25/day)
-Private capital flows expected to be only $13 billion in 2009 -- a drop from $21 billion in 2008 and $30 billion in 2007
-Remittances from overseas workers to relatives in developing countries predicted to decline by between 5 and 7 percent in 2009 and recover only modestly in 2010Press Release Working Paper (pdf)

See the story of the unfolding financial crisis and the Bank's response--in words, images, video, maps and more. Drag the timeline left and right to see key milestones. Click into individual dates and time spans for more in-depth coverage.

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