Global Financial Crisis on the Millennium Development Goals

Running head: THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON MILLENNIUM DEVELOPMENT GOALS
The Impact of the Global Financial Crisis on Millennium Development Goals
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The Impact of the Global Financial Crisis on Millennium Development Goals
The millennium development goals declaration of 2000 was a hallmark in international cooperation prompting the collaborative efforts in development in order to improve the livelihood of people of the world by the year 2015. The goals symbolize the minimum basic civil rights that people in the world should enjoy like the need to reduce poverty and hunger, basic quality education, good employment ,provision of good health services, safe motherhood, gender equality and environmental sustainability. Since the declaration by the United Nations in the year 2000 in order to achieve these universal objectives, a lot of progress has been made and people around the world are looking forward for the attainment of this vision of the United Nations. Even the poorest of countries across have made significant progress revealing the zeal in the fight against poverty and the improvement of livelihoods around the world. However, the gains made by in the attainment of the millennium development goals are being derailed by the continuing global financial crisis that began in the year 2008.
According to the European Union Economic and Social Committee, the global financial crisis has affected the volume of exports in international trade. The volumes of exports from developing nations to the developed countries have reduced significantly over the years since the crisis began. For example, the volume of garments from Bangladesh to the United States and Europe has reduced significantly by 7% in September 2008. The exports from Philippines to the United States dropped by 15% in 2008. Reduction in volumes of trade has affected the economies especially of developing countries that as made them unable to fund programs aimed at attainment of millennium development goals.
A reduction in the level of foreign investment has also been experienced in several countries as investors have shied away from investing in markets deemed risky. For example the Ethiopian electric power corporation ahs been affected by funding because of decline in foreign investment due to the financial crunch. The decline in funding has caused significant problem inn developing countries because the poverty is of a bigger scale in these countries than in developing countries. There amount donated to fight hunger and disease in the developing countries has decreased as a result of the financial crisis and this has impacted on the development of the countries interfering with their efforts of attainment of the millennium development goals.
According to ASEAN, the global credit crunch has affected the level of remittances of funds from immigrants in foreign countries. This has severely affected ...