Daily News Channel
The global economy will shrink up to 2 percent, and rapidly approved stimulus plans worldwide could spark another crash in financial markets, World Bank President Bob Zoellick projected at a forum in Belgium Saturday. Zoellick said the World Bank, an international institution that offers aid to developing nations, projects a global economic decline between 1 percent and 2 percent
The global economic slowdown is so severe that the worldwide economy will contract for the first time in 60 years, the International Monetary Fund says. The total of goods and services produced around the world is projected to slump by 1 percent in 2009, compared with a 3.2 percent growth rate the year before. Leading the slump will be the world’s most developed economies, including the United States, Europe and Japan