ID :
88605
Mon, 11/09/2009 - 14:15
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http://m.oananews.org//node/88605
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Developed states economic crisis left impacts on developing nations
Minister of Economic Affairs and Finance Shamseddin Hosseini said on Sunday that the developed states economic crisis has left negative impacts on the developing nations.
“Major shake up has taken place in the developing countries including extensive job layoffs and unemployment, as the most fundamental and lasting consequences of the financial crisis of the industrialized states,” said Hosseini in an address to the ministerial meeting of the 25th Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference.
Hosseini said that compared to former financial crisis, the recent crisis has had the highest possible negative impact on employment.
He said unemployment crisis is not only restricted to the developed states and the emerging economies, rather many developing and the developing nations, that are innocent victims.
He added that finding a solution to the problem facing the developing and low income states is a pressing need because in the states, unemployment is the key to life or death.
The Minister said irrespective of its negative impact on global economy, the crisis has a valuable lesson for management of global economy and international institutions.
He said unprecedented recession and fall of the financial and real indices of global economy have resulted in conditions which inevitably turn the issue into the agenda of policy makers of many countries and of the international monetary, economic and financial institutions, including the Islamic Development Bank and the COMCEC.
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“Major shake up has taken place in the developing countries including extensive job layoffs and unemployment, as the most fundamental and lasting consequences of the financial crisis of the industrialized states,” said Hosseini in an address to the ministerial meeting of the 25th Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference.
Hosseini said that compared to former financial crisis, the recent crisis has had the highest possible negative impact on employment.
He said unemployment crisis is not only restricted to the developed states and the emerging economies, rather many developing and the developing nations, that are innocent victims.
He added that finding a solution to the problem facing the developing and low income states is a pressing need because in the states, unemployment is the key to life or death.
The Minister said irrespective of its negative impact on global economy, the crisis has a valuable lesson for management of global economy and international institutions.
He said unprecedented recession and fall of the financial and real indices of global economy have resulted in conditions which inevitably turn the issue into the agenda of policy makers of many countries and of the international monetary, economic and financial institutions, including the Islamic Development Bank and the COMCEC.
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