According to latest world economic report condition of Indian stock market is far from ideal. Major benchmark indices have gone down in spite of deductions in rates of interest by Reserve Bank of India.
Latest global economic report has confirmed that US president Barack Obama has decided to spend more money in his proposed budget. This money would be provided as aid for economically weaker sections of America.
However, it has also been suggested in economic report of world that other economically advanced countries need to spend more for purposes of financial aid and recovery. Otherwise, global economic revival would be delayed to a significant extent.
Economic report in world has made it obvious that all over world economically developing nations are suffering more as a result of global financial crunch and thus are in greater need of financial aid.
Newest economic report at world by World Bank suggests that by time when global economic slowdown comes to a halt there would be 53 million poor people who would be pushed to brink of extreme poverty.
Economic report for world has suggested that there are several factors responsible for critical condition of poor. There has been a rapid and sharp decline in volume of trade being done throughout world after ongoing world financial crisis started.
Previously trading activities used to be a major source of income for poor but with decline of trading activities poor are finding it pretty hard to procure jobs. This is especially true in economically developing countries.
Much of present economic condition of economically backward classes in economically developing countries is a result of trickle down effect of global financial downturn.
As per world economic report prices of fuel and food items is going up at a steady rate. This was supposed to jeopardize at least 130 million to 155 million people from economic point of view by 2008 and these reports have reiterated that 53 million more people would be facing same fate in 2009 fiscal. World Bank, in its world economic report has also said that in fiscal 2009 as many as 22 nations could face bankruptcy.
India needs economic growth for sustainable development, which in turn requires access to clean, convenient and reliable energy. An estimated 400 million people still lack access to electricity, and blackouts are still common across the country. A combination of rapidly increasing energy demand and fuel imports plus growing concern about economic and environmental consequences is generating growing calls for innovative policies and mechanisms to promote increased use of abundant, sustainable, renewable resources.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural 'Distinguished Leader in Residence' at New York University. Advisor at World Economic Forum
Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.