World Bank warns of rising protectionism amid global recession

July 13th, 2009 WASHINGTON - The worldwide recession has led immigrants in wealthy countries to cut back sharply on how much money they send back to their home countries, according to a World Bank report released Monday. Remittances to developing countries jumped 15 percent in 2008 to $328 billion, but will plummet 7.3 percent in 2009, the World Bank predicted, revising its earlier forecast of a 5-percent decline this year.

July 2nd, 2009 WASHINGTON - The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession. The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.

June 22nd, 2009 WASHINGTON - Warning that the world is entering an era of slower growth, the World Bank Monday said that without India and China, the developing countries' output would shrink 1.6 percent. But with the two Asian engines of growth included, developing countries are expected to grow by only 1.2 percent this year, after 8.1 percent growth in 2007 and 5.9 percent growth in 2008.

June 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.

June 19th, 2009 WASHINGTON - India has cautioned nations toying with protectionist measures in the wake of the global economic crisis that such a move would not only be counterproductive, but also deepen the recession and delay recovery. "Any kind of protectionism will not only be counterproductive, but deepen the recession and delay the recovery," Commerce and Industry Minister Anand Sharma told reporters Thursday at the end of his three-day visit for talks with the US officials.

April 27th, 2009 Activists protest against IMF, World BankWASHINGTON — Protesters upset with how world leaders have handled global economic woes have completed their rally near the World Bank and International Monetary Fund meetings in Washington. Dozens of demonstrators marched several blocks Sunday afternoon from Dupont Circle to a park across from the World Bank building.

April 16th, 2009 WASHINGTON - As some major economies begin to show signs of stabilising, the International Monetary Fund (IMF) Thursday warned that any global recovery from the downturn could last more than three years. The IMF and its sister lending agency, the World Bank, have already predicted that 2009 will mark the first worldwide contraction since World War II.

April 15th, 2009 WASHINGTON - Cautioning against protectionism and trade barriers that 'hurt us all in the end', US President Barack Obama has said a pledge taken by the Group of 20 major economies to avoid such measures and other actions were necessary pieces to the economic 'recovery puzzle'. Efforts to take the economy from 'recession to recovery' are 'starting to generate signs of economic progress' but more tough times are ahead, Obama said Tuesday in a speech at Georgetown University in Washington, outlining the steps his administration is taking to confront the economic crisis.

April 14th, 2009 WASHINGTON - President Barack Tuesday cautioned against raising trade and protectionism barriers that 'hurt us all in the end', saying a pledge to avoid such measures and other actions taken by Group of 20 major economies were necessary pieces to the economic 'recovery puzzle'. Efforts to take the economy from 'recession to recovery' are 'starting to generate signs of economic progress', but more tough times are ahead, Obama said in a speech at Georgetown University in Washington outlining the steps his administration is taking to confront the economic crisis.

April 7th, 2009 KUWAIT - Indian Vice-President Hamid Ansari Tuesday said India's economic growth will dip to six percent this year but stressed that it will still be one of the highest in a recession-hit world. Ansari also warned against the perils of resorting to protectionism in recessionary times.

March 25th, 2009 WASHINGTON - India has cautioned the developed world against attempts to introduce 'protectionism under green label' as it would only complicate efforts to evolve a 'fair and equitable' global regime on climate change. 'What you need is a global collaborative effort to address the issue of climate change and not something which gets linked up with issue of level playing field,' Prime Minister Manmohan Singh's Special Envoy on Climate Change Shyam Saran said here Tuesday.

March 24th, 2009 NEW YORK - The meeting of the world's 20 leading economies in London April 2 has the potential of making profound changes in the global economy that is suffering a deep recession, UN Secretary General Ban Ki-moon said Monday. 'The stakes at the London summit are large,' Ban told the UN General Assembly, which convened to discuss the world economic downturn, triggered initially by a US financial crisis and which threatens funding for UN programmes.

March 4th, 2009 NEW DELHI - India Tuesday warned against the dangers of protectionism and asked developed countries not to stop the flow of funds to developing countries due to the global economic downturn. 'Developed countries should not resort to protectionism to resolve the crisis,' External Affairs Minister Pranab Mukherjee, who is also acting finance minister, told reporters here when asked about the impact of global financial meltdown on developing countries.

February 15th, 2009 BEIJING - China was 'deeply concerned' about trade protectionism, amid fears that such action would aggravate the economic downturn, an official said Monday. Ministry of Commerce (MOC) spokesman Yao Jian told a press conference that China was 'deeply concerned' over protectionism in some countries, which he didn't identify.

February 8th, 2009 BEIJING - China won't resort to trade protectionism similar to 'Buy America' that bans foreign products in domestic stimulus projects, a minister said here Monday. 'We won't practise 'Buy China',' said Vice Commerce Minister Jiang Zengwei at a press conference.