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$2 lost for every $1 gained: New report shows global financial system fails developing countries

*A Toolkit for the Media is available with this press release. Please click here to download.  Developing countries are losing twice as much money as they earn because of issues like tax evasion, profits taken out by foreign investors and interest repayments on debt. A new report – The State of Development Finance for Developing Countries, 2014 – has found that for every dollar developing countries have earned since 2008, they have lost $2.07.  Furthermore they have lost, on average, ...

$2 lost for every $1 dollar gained: the single fact that shows how the global financial system fails developing countries.

Jesse Griffiths

18 Dec 2014 09:52:26

By Jesse Griffiths, 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.  The graphic above shows the proportionate losses of resources ...
A long weekend to reflect on an inspiring and energizing policy forum we held in Brussels last week, with colleagues from around the world, on the topic of the UN’s upcoming Financing for Development (FfD) summit. Some great kick off presentations on ...
The United Nations International Committee of Experts on Sustainable Development Financing is developing an agenda which will be action oriented, implementable, transformative and inspirational. Eurodad has submitted concrete measures which we believe ...