World Bank: Downturn 'a human catastrophe' for poor

The steep global financial crisis risks turning into “a human and development calamity” for many poor countries, the World Bank said as it urged donor nations to speed up delivery of money they have already pledged and consider giving more.

The bank said that developing countries, who are its main constituency, face “especially serious consequences with the crisis driving more than 50 million people into extreme poverty, particularly women and children”.