World Bank Warns Of Global Recession -- The GuardianEurozone crisis, weak growth elsewhere and reduced ability of governments to respond may lead to rerun of 2008-09
The World Bank has has warned that the crisis in the eurozone will lead to a sharp slowdown in growth in rich and poor countries this year and could spiral into a rerun of the 2008-09 recession.
In its half-yearly health check on the global economy the Washington-based institution said the world had "entered a very difficult phase characterised by significant downside risks and fragility". The bank lowered its forecast for global growth in 2012 from 3.4% to 2.5% but said governments should be preparing for a downturn as bad as that which followed the collapse of Lehman Brothers in 2008.
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My Comment: Too much debt .... coupled with many governments being incapable (or unwilling) to confront this crisis .... is killing the economies of a number of important nations. A condition that I do not expect to change this year.
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