As the global economic crisis takes its toll on countries around the globe. as well as their automakers, banks, construction and property firms, the latest victim of the economic crisis is world trade.
Last month the World Bank predicted a two percent decrease this year – the largest drop since the nineteen forties. With such a sharp decline predicted, the countries which will no doubt be affected most include China, Japan, as well as America.
The Asian Development Bank (ADB) has also warned that the economic crisis gripping countries worldwide could also “hammer” growth prospects, particularly in Asian countries like the Philippines, until 2010.
As many countries around the globe officialy declare their economies as being in a recession, forecasts predict negative growth this year. Spain’s finance minister announcing a “1.6 percent contraction” this year and other countries such as Germany ”expecting the first full-year contraction of the economy since 2002, with GDP falling by 0.7%“. The list of countries in a recession goes on, including the other countries that use the euro in the European Union.
Image by georgio under Creative Commons
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