World Bank Predicts Deeper Economic Contraction

[Purveyor]

Source: Washington Post

By Annys Shin
Washington Post Staff Writer
Friday, June 12, 2009

The global economy is set to shrink this year more than previously expected, according to a forecast issued yesterday by the World Bank.

The bank predicted that the economy will contract at an annualized rate of 3 percent, far worse than the previous estimate of 1.7 percent issued in March. The forecast, which was prepared ahead of this weekend's meeting in Italy of the finance ministers from the eight leading industrialized countries, reflects a widespread view among economists that while the global recession is easing, it remains severe.

Worldwide economic conditions have changed somewhat since the G-8 finance ministers last met in February, with tentative signs of improvement in several member countries.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/11/AR2009061104254.html

[AlphaCentauri]

1. More to think about on real change

even my life style.

[DJ13]

2. But..... we have "green shoots"!

Our government* (*trademark Goldman Sachs) wouldnt lie to us about the economy, would they?

[Amonester]

3. That should help 'Mother Nature' a little...

By 'slowing down' this global destruction of ecosystems for profit and tax evasion a bit.

There's the good side of that medal, but I am afraid it will only be 'temporary'.

[ConcernedCanuk]

4. "Contraction" ?? - is that like before/in-between/after - recession/depression?

.
.
.

:shrug:

sorta reminds of the phrase "collateral damage" when killing innocent civilians

We DO like to sanitize our transgressions, right?

(sigh)

[unblock]

6. economists prefer the terms "expansion" and "contraction"

because these are more objective and there's more agreement as to what they mean.

[ConcernedCanuk]

7. I suspect it's more likely that they just want to confuse the masses

.
.
.

Recession and Depression are frighteningly more accurate IMO

[Mudoria]

5. The world bank is infallible