The world economy is plunging into its first global recession since World War II, and sending 46 million people in developing countries back into poverty, warns a World Bank report. The global lender is urging leading nations to pledge a portion of their stimulus packages to stem the mounting crisis in poor countries, the Washington Post reports. Some 500,000 jobs in India vanished last fall, as did Eastern Europe's recently acquired investment fortunes.
"We need to react in real time to a growing crisis that is hurting people in developing countries," said the World Bank's president. Immediate action is needed by governments and multilateral lenders "to avoid social and political unrest."