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The World Bank has revised down its forecasts for world economic growth and predicts a gloomy outlook for 2009.
World GDP growth will slow to 0.9 per cent in 2009, the World Bank predicted in its Global Economic Prospects released overnight. This is a significant revision from the three per cent the bank forecast back in June this year.
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Developing countries are expected to grow by 4.5 per cent, the report said, while high-income countries’ growth will turn negative.
The predictions follow bleak forecasts for the Australian economy from NAB yesterday, which forecast economic growth to reach just 0.5 per cent next year – with a recession likely in the non-farm economy “at least”.
On the upside for consumers and cash strapped borrowers, the World Bank predicts oil prices to average US$75 ($114) a barrel and food prices to fall 23 per cent compared to 2008 averages.
