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Zoellick Calls 2009 a ‘Dangerous Year’ as Crisis Curtails Trade [View All]

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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-21-09 01:14 PM
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Zoellick Calls 2009 a ‘Dangerous Year’ as Crisis Curtails Trade
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Source: Bloomberg


March 21 (Bloomberg) -- World Bank President Robert Zoellick said 2009 will be a “dangerous year” as the global economy wrestles with its first recession in more than 60 years.

The World Bank expects the world economy to shrink between 1 percent and 2 percent this year, Zoellick said today at the Brussels Forum on global geopolitical problems.

“We haven’t seen a figure like that globally since World War II, which really means since the Great Depression,” he said.

Global trade is set to slide the most in 80 years, with east Asia the hardest-hit region, as demand dries up. The World Bank has forecast a 2.1 percent decline in global export volumes this year, the first drop since 1982.

“2009 is going to be a very dangerous year,” Zoellick said. “It is indeed serious, and there are issues that go beyond the economic to political and social stability.”



Read more: http://www.bloomberg.com/apps/news?pid=20601068&sid=agN85aohtDN0&refer=home




"Dangerous" is code word for "protectionism" It's the only thing they care about. "Social and political" unrest all you want just don't touch the holy grail of globalism!

http://en.wikipedia.org/wiki/Globalization
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