Europe/Asia: Global crisis hits home in emerging Europe and Central Asia.

Section: General News - The global economic crisis has reversed the impressive economic growth of recent years in Emerging Europe and Central Asia, hitting families hard with higher unemployment and lost wages. Financially weaker governments will need to protect poor people while strengthening institutions and infrastructure to attract investors, the World Bank said today at a press briefing at the World Bank/IMF Annual Meetings.

The global financial and economic crisis has literally hit home in many parts of Emerging Europe and Central Asia, said Philippe Le Houerou, World Bank Vice-President for Europe and Central Asia. What started as a financial crisis has become a social and human crisis. The global crisis has come on the heels of the food and fuel crises, which had already weakened people in the region by reducing their purchasing power. Today, rising poverty and joblessness are pushing households into poverty and making things even harder for those already poor.

For the past decade, many countries of Emerging Europe and Central Asia …