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March 23, 2009

World Bank: 2009 Will Be “Very Dangerous” Year
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In other economic news, World Bank President Robert Zoellick warned the
entire globe will feel the effects of the economic meltdown this year.

Robert Zoellick: “Well, I think 2009 is going to be a very dangerous
year. And just to give you some reference points, the IMF came out with
a new global forecast recently, close to decline of about one percent of
growth. We at the Bank will be coming out with ours soon, and it will
probably be in the range of one to two percent. But to put that number
in a context, you haven’t seen a figure like that globally since World
War II, which really means since the Great Depression.”

The World Bank also warned over the weekend that a wave of social and
political unrest could sweep through the world’s poorest countries if
G20 leaders fail to come to their aid. A new report from the Overseas
Development Institute said the collapse of the global economy would cost
90 million lives, lead to an increase to nearly a billion in the number
of people going hungry, and cost developing countries $750 billion in
lost growth.



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