Global Monitoring Report 2009 : A Development Emergency

The global financial crisis, the most severe since the great depression, is rapidly turning into a human and development crisis. The financial crisis originated in the developed world, but it has spread quickly and inexorably to the developing world, sparing no country. Increasingly it appears that this will not be a short-lived crisis. The poor countries are especially vulnerable, as they lack the resources to respond with ameliorative actions. The crisis poses serious threats to their hard- won gains in boosting economic growth and achieving progress toward the Millennium Development Goals (MDGs). Poor people typically are the hardest hit, and have the least cushion. For millions of them, the crisis puts at risk their very survival. At high- level meetings held in 2008 to mark the MDG halfway point, world leaders expressed grave concern that the world was falling behind most of the MDGs, with the shortfalls especially serious in human development, and issued an MDG call to action to step up development efforts. The U.K. prime minister spoke of a 'global poverty emergency.' These concerns were expressed before the onset of the full-blown global financial crisis. If there was development emergency then, there surely is one now. The financial crisis threatens serious further setbacks and greatly increases the urgency for action.