Share this story
Close X
Switch to Desktop Site

World Bank sees grim era for developing countries

The World Bank, in a review of the recent global recession and its disastrous impact on the third world, said Thursday the outlook for developing nations remained grim despite evidence of recovery in industrial countries.

''Impetus toward development in many nations was more sharply broken by the global recession than at any time since the bank began operations nearly 40 years ago,'' it said. It added that almost as many developing countries had to reschedule their commercial debts over the past two years as in the previous 25.

About these ads