US mortgage crisis
The sub-prime mortgage market collapse in the United States, rising oil and commodity prices and other factors could combine to hamper the economies of developing countries, the President of the United Nations General Assembly said today.
Srgjan Kerim recalled that in the last quarter of 2007, macroeconomic and fiscal management had improved in many developing countries, creating higher savings, investments and consumer demand. Expenditures on social programmes went up while extreme poverty went down – but globally inequality was still rising, he said.