Thursday, December 18, 2014

$2 Lost for Every $1 Gained

The Single Fact That Shows How the Global Financial System Fails Developing Countries Jesse Griffiths, Guest Blogger Jesse Griffiths is Director of the European Network on Debt and Development (Eurodad). This will make you angry. After six months crunching all the best data from international institutions, here’s what we found: for every dollar developing countries have earned since 2008, they have lost $2.07. In fact, lost resources have averaged over 10% of their Gross Domestic Product (GDP). We’re not talking about all flows of money out of developing countries, just the lost resources: money that should have been invested to support their development, but instead was drained out. Twice as much is leaking—or rather flooding—out than the combined inflows of aid, investment, charitable donations and migrant remittances.



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