The World Bank says the global economy will decline by much more than previously estimated. This year is likely to be the first global recession since World War II.
The world economy will contract by 3 per cent this year, far more than the previously estimated 1.75 per cent.
According to the World Bank’s President Robert Zoellick, there are signs of an easing of the recession in wealthy countries, however developing nations are suffering from a drop in exports, remittances and foreign investment.
There will be an update to the forecast in the coming weeks. The World Bank forecast comes before a meeting of the finance ministers from the Group of Eight richest nations on Friday in Lecce, Italy.
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