Wednesday, January 18, 2012

World Bank slashes growth outlook

The World Bank warns that Europe is headed for a recession that could spark a global crisis

Source: Press TV

The World Bank has downgraded its estimates for a global economic expansion in 2012, saying that developing countries should brace themselves for a growth slowdown.

In its Global Economic Prospects report, the bank has cited the eurozone crisis, weak economic growth and contagion from the European Union spreading to the rest of the world as reasons for lowering its 2012 global growth forecast.

The bank says that both developing and developed countries will be affected by the critical situation of the world economy.

The World Bank has lowered the 2012 global growth forecast for high-income countries from 2.7% to 1.4% and also revised the growth of developing countries down to 5.4 percent from 6.2.

It has said that it is not being cynical, however, "we are examining the possibility that things could go worse," said Andrew Burns, a manager at the World Bank.

He added that the purpose of the dismal tone of the Global Economics Prospects 2012 report is to prepare developing countries for such possibilities.

The World Bank's report comes at a time of mounting fears of a Greek default and after the Standard and Poor's (S&P) credit rating agency downgraded the ratings of nine European countries including France and Austria last week.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)