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World Bank Cuts 2009 Growth Forecast

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World Bank cuts 2009 growth forecast

LONDON (ShareCast) - The World Bank has cut its 2009 global growth forecast, saying the world economy will shrink by about 2.9% this year.

The Washington-based lender's new estimate is larger than its earlier prediction of a 1.7% decrease.

It also expects the eurozone economy to shrink 4.5% compared with the 2.7% it forecast in March.

"The global recession has deepened. Unemployment is on the rise, and poverty is set to increase in developing economies," the lender said.

"To break the cycle and revive lending and growth, bold policy measures, along with substantial international coordination, are needed," it added.

No recovery yet.

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poverty is set to increase in western countries too , mr world bank sir

is this the worst figure since the great depression?

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