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Term and duration of the crisis is still unknown.

08.01.2009
Term and duration of the crisis is still unknown

Director of the World Bank in Turkey (WBT), Ulrich Zachau reported that the global crisis strikes the economies of developing countries. Zachau also noted that loans from the World Bank to the Turkish small and medium-sized enterprises will be increased.
     
“World Association of Cities and local authorities” within the framework of the World Council Assembly and the World Governing Council, held at the Hilton Center, discussed the implications of the global financial crisis on local authorities. Also there was a meeting of heads of municipal government for discussion political issues. At the meeting, Director of the WBT drew attention to the fact that the global economic crisis has global implications: the closure of banks and working enterprises, unemployment, declining sales in stores by 50%, falling house prices and the election results. Zachau noted that neither the duration of the crisis, nor that when he goes down is known. In addition, according to the director of the WBT, the countries that depend on foreign investment are the most affected, because it will be very difficult to find foreign investors. The administrative leadership of developing countries faces serious cost. It is expected world trade decline to 2-2.5%. This falls are for the first time in the last 20-30 years.
   
  Zachau expressed idea that cities dependending on exports, is most affected by the crisis, especially targeting the automotive sector, for an example is Bursa.

News was edited by "VESTA Estate".
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