Developing nations reeling under the impact of the global financial crisis will find it difficult to raise living standards of their citizens in the short-run, despite some signs of economic recovery, according to a report by the NGO Social Watch India.
"Job cuts, falling revenues of private pension funds and lower level of remittances alike will not be reversible in the short-term, despite some positive indicators that are beginning to register in the world markets," the NGO said while releasing the Basic Capability Index (BCI) report.
The BCI, which places India at a very low level of development, further says several millions have lost jobs in the aftermath of the global financial crisis and they are putting a serious restrain on the social system.
The report, christened 'People First', also points out that the least developed countries which had no role in causing the crisis, are suffering its worst effects."Countries like Tanzania and Mozambique are at the risk of losing the vital sources of foreign aid which make up 42 per cent and 50 per cent respectively, of their national budgets," the NGO pointed out.
The report, released recently, deals with social, environmental and labour impacts of the crisis on people in 61 countries from across the continents.
