World Bank warns of 'very difficult year'

[xchrom]

http://www.aljazeera.com/news/asia-pacific/2012/01/20121185217348992.html


The US economy will continue to suffer, the World Bank estimates, but not as much as poor countries [GALLO/GETTY]

The World Bank has warned the international community to brace for slow growth and economic challenges in 2012, as the International Monetary Fund said it would seek an additional $500bn in lending resources to help mitigate the worsening financial crisis.

In a report issued late on Tuesday, the Washington-based bank substantially cut its forecasts for growth in both developed and poorer nations in its twice-yearly report, issued late on Tuesday.

"Europe appears to have entered recession, and growth in several major developing countries [Brazil, India and to a lesser extent Russia, South Africa and Turkey] has slowed," the bank said as it updated forecasts made last June.

It predicted the global economy will expand by 2.5 per cent in 2012 and by 3.1 per cent in 2013, well behind the 3.6 per cent growth for each year that the bank had projected in June.

[arcane1]

1. "IMF seeks an additional $500bn to make things worse"

the WB and the IMF can bite me.

[Canuckistanian]

2. A difficult year for us peasants, maybe

But the 1% will still keep raking it in. In fact, a lot of them probably MAKE money by betting against a recovery.

[Javaman]

3. The full title...

"World Bank warns of 'very difficult year" for everyone but the ultra rich".