By Daniel Magnowski
DAKAR (Reuters) - The impact of the financial crisis may be much more severe in Africa than in developed economies as falling income pushes families below the poverty line, the World Bank said Wednesday.
Africa was at first thought to be at least partially insulated from the crisis as a result of its relative isolation from the global banking system, but the effects of falling aid, investment, remittances and export income could damage the world's poorest continent deeply.
"Falling growth by 2 or 3 percentage points could have disastrous consequences if you are already a poor country," Shanta Devarajan, chief economist for Africa, told reporters across the continent in a video-conference from the Bank's Washington headquarters. Read more