Don't miss

Replay


LATEST SHOWS

MY TWO CENTS

Hillary Clinton: A campaign built on wobbly pillars

Read more

THE DEBATE

The Hollande (Re)Shuffle: Cabinet expanded ahead of 2017 presidential elections (part 2)

Read more

THE DEBATE

The Hollande (Re)Shuffle: Cabinet expanded ahead of 2017 presidential elections (part 1)

Read more

TALKING EUROPE

EU: Is agriculture getting greener? (part 2)

Read more

TALKING EUROPE

EU: Is agriculture getting greener? (part 1)

Read more

ENCORE!

A rare documentary on life in Iraq, before and after the US invasion

Read more

FOCUS

Ireland is back in business

Read more

BUSINESS DAILY

Market sell-off resumes as bank shares plunge

Read more

INSIDE THE AMERICAS

US presidential race: Outsiders sweep to victory in New Hampshire

Read more

Business

World Bank predicts 3% contraction in 2009

Text by NEWS WIRES

Latest update : 2009-06-11

The World Bank has said the global economy is expected to contract close 3% in 2009, a significant increase from the bank's March estimate of a 1.75% contraction.

AFP - The World Bank said Thursday the global economy is set to shrink roughly 3.0 percent this year, a figure worse than previously estimated as the credit crisis hammers economies.
  


"Even with the stabilization of financial markets in many developed economies, unemployment and underutilization of capacity continue to rise, putting downward pressure on the global economy," World Bank president Robert Zoellick said in a statement.
  
The latest growth estimate marked a significant revision to the bank's prior estimate of a 1.75 percent contraction in late March.
  
The growth update came ahead of a two-day meeting of Group of Eight (G8) finance chiefs that opens Friday in Lecce, Italy.
  
Zoellick called for stepped-up aid to poor countries that are continuing to be battered by the global economic and financial crisis.
  
"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," he said.
  
"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."
  
Zoellick urged G8 meetings this month and in July to "follow up on the promises made at the Group of 20 meeting in London in April to restore domestic lending and the international flow of capital," the statement said.

Date created : 2009-06-11

COMMENT(S)