World Bank: Global Economy To Shrink 3 Percent in 2009
The global economy is on track to shrink 3 percent by the end of this year, the World Bank said this morning, a figure significantly greater than the 1.75 percent contraction predicted by the bank earlier this year, The Post's Annys Shin reports.
“Although growth is expected to revive during the course of 2010, the pace of the recovery is uncertain and the poor in many developing countries will continue to be buffeted by the aftershocks,” World Bank Group president Robert Zoellick said in a statement this morning, ahead of the Group of Eight finance ministers meeting in Italy.
“Waves of economic pain continue to hurt the developing world’s poor, who have less cushion to protect themselves. There is much more we need to do in the coming months to mobilize resources to ensure that the poor do not pay for a crisis that is not of their making,” he said.
June 11, 2009; 10:17 AM ET
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