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The World Bank has forecasted the international economy to shrink in 2009 for the first time since World War Two.
In a paper for next Saturday’s meeting of the G20 finance ministers and central bank governors, the World Bank said global economic growth would be at least 5 percentage points below potential, with global industrial production to fall as much as 15 per cent from 2008 levels.
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“World trade is on track in 2009 to record its largest decline in 80 years, with the sharpest losses in East Asia,” the Bank said in a statement released yesterday.
