World Bank: Financial Crisis Will Leave Scar

World Bank Chief Economist Justin Lin said the downturn left a scar on the world economy and warned that developing countries will need years to bounce back from it, Alison Schafer writes on

. Lin, speaking at a round-table discussion at the joint World Bank and International Monetary Fund meeting in Turkey, told other leading economists that a lot of work is on the table as the world begins to fix the damage left by the global crisis. The residue of the crisis, Schafer reports Lin as saying, will be felt through years of high unemployment rates and low consumption.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.