The global financial crisis sweeping through Wall Street and European banking sector will touch the lives of the world’s most vulnerable, push millions into deeper poverty and lead to the deaths of thousands of children, a new United Nations study said.
The world’s poorest countries are unable to insulate their citizens from the crisis, with an estimated 43 out of 48 low-income countries incapable of providing a pro-poor government stimulus, the report by the UN Educational, Scientific and Cultural Organization (UNESCO) said.
The report highlighted an increase in child mortality rate between 200,000 to 400,000, saying that child malnutrition will be one of the main drivers of higher child death rates.
| UNESCO FINDINGS |
| * 43 of 48 low-income nations can't provide pro-poor govt stimulus |
| * 390 mn Sub-Saharan pop to lose $18 bn in income ($46 per capita) |
| * Rise in child mortality between 200,000 to 400,000, driven by child malnutrition |
| * EU aid will be $4.6 bn less than region's committed 0.5% of GDP by 2010 |
"Millions of children face the prospect of long-term irreversible cognitive damage as a result of the financial crisis," Patrick Montjourides, one of the authors of the report, said.
There is also a real danger that some low-income countries like Mozambique, Ethiopia, Mali, Senegal, Rwanda and Bangladesh -- which have made progress towards the Millennium Development Goals (MDG) of universal primary education -- will suffer setbacks.
