Launching of the Global Development Finance Report 2004

The Annual Global Development Finance Report for 2004 (GDF 2004) will be launched in Oslo on Tuesday 20 April.

The GDF Report analyses official and private capital flows to and from developing countries and is regarded as one of the World Bank’s flagship reports. It contains a great deal of information on international capital flows and the global economic situation. This year’s report will be launched by a team from the World Bank.

Some of the main points in GDF 2004 are:

• The developing countries are playing an increasingly large role in the global economy, which could become even greater if there is an increase in private capital flows.
• The risk of a global financial crisis seems to have receded due to stronger growth in the developing countries’ economies.
• The USA is considered to be the greatest uncertainty factor as regards long-term global economic stability because of the large budget deficit and the weak dollar.
• The average growth rate of the developing countries in 2003 was 4.5 per cent, which is more than twice that of the industrialised countries (1.9 per cent).
• The developing countries need a combination of more aid and greater investment in order to finance the development of their infrastructure. It is estimated that the developing countries need USD 120 billion in investments in electricity, and USD 49 billion in water and sanitation during the next 10-15 years.

Notes for editors:

Members of the press are invited to a lunch, where the report will be presented, at the Ministry of Foreign Affairs on Tuesday 20 April at 12.30.

Press contact: Information Adviser Odd Naustdal, tel.: 22 24 30 12; mobile phone: 911 49 490