Capital inflows to plunge - World Bank

The World Bank this week released a report in which developing economies are projected to grow by a modest 1.2 percent this year while capital inflows will decline by almost 50 percent due to a third wave effect of the global economic crisis.

Quoting World Bank manager responsible for international finance, Mansoor Dailami, international capital inflows to developing countries will fall to $363 billion in 2009, down from the $707-billion in 2008 and a sharp decline from the $1,2 trillion in 2007.

"Many corporations will be hard-pressed to service their foreign currency liabilities with revenues earned in depreciating domestic currencies at the same time that export demand has plummeted," Dailami, who is also chief author of the report, added.

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