Global economy is showing signs of recovery, but

• Many are still being left behind
• 43 poor countries are suffering effects of the global recession
• They face $11.6bn shortfall in core spending for health, education, etc

The crisis is jeopardizing years of progress in fighting poverty

• 90 million more people will be trapped in poverty in 2010
• 30-50 thousand more babies may die in Africa this year
• 1 billion people could go chronically hungry this year

The poorest countries have been hit hard in 2009

• Export market demand for their products has dropped 5-10%
• Private capital flows are projected to drop to $13bn, from $30bn in 2007
• Remittances are likely to fall 5-7%
• Many depend on tourism for foreign exchange and jobs, and tourism receipts dropped by 8%

A global crisis needs a global response

• Poor countries can help boost demand to support global recovery, but will need additional assistance to move beyond the recession
• But public sector money alone isn’t enough
• The recovery strategy needs to encourage private business and financing