





Developing countries face a financing shortfall of $270-700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.
The paper said that 94 out of 116 developing countries have experienced a slowdown in economic growth. Of these countries, 43 have high levels of poverty.
To date, the most affected sectors are those that were the most dynamic, typically urban-based exporters, construction, mining, and manufacturing.
For example, 'more than half a million jobs have been lost in the last three months of 2008 in India, including in gems and jewellery, autos and textiles,' the paper noted.
Many of the world's poorest countries are becoming ever more dependent on development assistance as their exports and fiscal revenues decline because of the crisis.
Noting that donors are already behind by around $39 billion on their commitments to increase aid made at the Gleneagles Summit in 2005, the bank said: 'the concern now is that aid flows will become more volatile as some countries cut their aid budgets while others reaffirm aid commitments, at least for this year.'
The World Bank said that international financial institutions cannot by themselves currently cover the shortfall-that includes public and private debt and trade deficits-for these 129 countries, even at the lower end of the range.
A solution will require governments, multilateral institutions, and the private sector. Only one quarter of vulnerable developing countries have the ability to finance measures to blunt the economic downturn, such as job-creation or safety net programs.
'We need to react in real time to a growing crisis that is hurting people in developing countries,' said World Bank Group President Robert B. Zoellick.
'This global crisis needs a global solution and preventing an economic catastrophe in developing countries is important for global efforts to overcome this crisis.
Google's perfectionist cupcake princess is totally misunderstood! That's the claim Marissa Mayer the VP who oversees Google search, makes to a credulous New York Times, which licks up the frosted version of her career.
Mayer, who runs Google's core search business, is the best known Google executive outside the search engine's CEO, Eric Schmidt, and its billionaire founders, Larry Page and Sergey Brin. And she's proven far more willing to pose for magazine covers and appear on morning news shows, making her the company's public face.
But she seems surprised that with such publicity comes criticism. According to Mayer, the reason why she draws negative press is because of sexism and stereotypes:
It's true that San Francisco, the last mainstream publication to profile her, focused on her most girly habits. But that has nothing to do with why so many rank-and-file Googlers outside the company's cloistered management despise Mayer.
And yet, as the Times profile reveals, the real source of her power is the ability to manipulate Schmidt, Page, and Brin:
That, and her perfectionist streak. Look at how Mayer dismisses a potential hire over a single bad grade:







