World Bank: Global Economy Shrinks, Trade Plummets in 2009

[seemslikeadream]

http://www.voanews.com/english/2009-03-08-voa23.cfm

World Bank officials said the global economy will shrink in 2009, for the first time since World War Two.

A bank study published Sunday also said world trade is on track for its sharpest fall in 80 years, with the worst impact on Asian economies.

World Bank President Robert Zoellick called for investment to create jobs and to avoid social and political unrest.

The report said the global financial crisis is hitting developing nations hard as rich nations borrow huge sums of money to shore up their economies, leaving less loan money for poor nations.

The crisis is forcing some developed nations to cut their aid budgets just as the need for aid is growing in the developing world.

The bank projects there will be a gap of hundreds of billions of dollars between the financing poor nations need and what is likely to be available.

The bank said only one in four vulnerable developing countries will be able to ease the impact of the economic downturn through job creation or "safety-net" programs.

[AndyA]

1. The only thing good I can find to say about the current situation is

THANK GOD WE HAVE A DEMOCRAT IN THE WHITE HOUSE INSTEAD OF A REPUBLICAN!

That is all.

[JCMach1]

3. Let's just hope he realizes his Chicago School economic team

knows next to 0 about getting us out of this...

We are in big trouble...

[AndyA]

5. I'd feel better if Obama would consult with Krugman and a few others.

They seem to be stating things that you wonder if Obama's people have taken note of.

I'd imagine there is a big mess right now, and I wouldn't want them to overlook something obvious because of everything else going on.

[JCMach1]

2. It's not the Great Depression, but it is 'This Depression'

The first in a globalize economy...

[xchrom]

4. 'on track' -- which i read that there is a coming

'trade wave' to this difficult time we live in.

does this mean off shore job seekers will take EVEN LESS money for those off shored jobs from the west?