World Bank forecasts dull economy for developing countries

Onno Ruhl, the bank country director for Nigeria, presented its 2010 World Development Report at the National Climate Change Summit held in Abuja on Monday.

The report indicated that an estimated population of 1.4 billion people in developing countries currently lives on less than 1.25 U.S. dollars per day while one billion people lack access to drinking water.

According to the report, 1.6 billion people lacked access to electricity while three billion people lacked adequate sanitation.

Attainment of Millennium Development Goals (MDG) is currently being threatened by the devastating effects of climate, the World Bank said.

The bank predicted in its report that the worsening effect of climate change would make it more difficult for countries to produce enough food, a situation that could lead to increase in food scarcity globally.

"Climate change is already compromising efforts to improve standards of living and achieve the Millennium Development Goals. Estimates are that developing countries will bear some 75 to 80 percent costs damages caused by the changing climate," the report said.

"It will result in permanent reduction in GDP of four to five percent for Africa and South Asia. Climate change will make it harder to produce enough food for the world's growing population, and will alter the timing, availability and quantity of water resources," it added.

According to the World Bank, most developing countries lack sufficient financial and technical capacities to manage increasing climate risk.

They depend directly on climate-sensitive natural resources for income and well-being, it said, adding that most are in tropical and sub-tropical regions that are subjected to highly variable climate, Kazinform cites Xinhua. See www.news.xinhuanet.com for full version.