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March 9, 2009

Report: World Faces First Global Recession Since WWII
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The World Bank warned Sunday the world is falling into the first global
recession since World War II as the economic crisis engulfs once-booming
developing nations, confronting them with massive financial shortfalls
that could turn back the clock on poverty reduction by years. The
Washington Post reports the bank also cautioned that the cost of helping
poorer nations in crisis would exceed the current financial resources of
multilateral lenders. The World Bank is predicting that the global
economy will shrink this year for the first time since the 1940s. The
economic crisis is projected to push around 46 million people into
poverty this year.



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