Zoellick Calls 2009 a ‘Dangerous Year’ as Crisis Curtails Trade

[Joanne98]

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

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"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

[Hello_Kitty]

1. Seriously.

It still hasn't occured to this brain trust that people can't buy stuff if they don't make enough money.

[Prometheus Bound]

2. I don't get this "forecast 2.1 percent decline in global export volumes"

They sound like incurable optimists. I'd like to know where they get their figures.

Japan's exports halved in January
http://news.bbc.co.uk/1/hi/business/7931806.stm

German exports plunge 20.7 percent in January
http://news.xinhuanet.com/english/2009-03/10/content_10986574.htm

China's exports in February tumbled 25.7 percent.
http://in.reuters.com/article/asiaCompanyAndMarkets/idINSHA5665920090319

China steel exports facing 80% decline
http://www.thestar.com/Business/article/604593

Singapore: Feb exports fall 23.7% - January 35%
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_351546.html
http://www.google.com/hostednews/afp/article/ALeqM5g3W9LP45y_yv62eqf0HIZhNsrZsA

Canada on track for record dive in exports
Toronto-Dominion Bank is forecasting as much as a 20% drop in exports in the first half of this year
http://www.nationalpost.com/todays-paper/story.html?id=1388056

US January exports dip by 16.4% YoY
http://steelguru.com/news/index/2009/03/19/ODY3OTE%3D/Slowdown_signs_-_US_January_exports_dip_by_16.4%2525_YoY.html

[xchrom]

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