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Monday, June 22, 2009

World Bank: Recovery to be "Subdued"

by Calculated Risk on 6/22/2009 12:52:00 AM

From Bloomberg: World Bank Cuts Forecast for Global Economy, Developing Nations

The world economy is forecast to contract 2.9 percent this year, compared with a prior estimate of a 1.7 percent decline, the Washington-based lender said in a report released today. Global growth will return next year with a 2 percent expansion, the bank said, cutting its forecast from a 2.3 percent prediction about three months ago.
“While the global economy is projected to begin expanding once again in the second half of 2009, the recovery is expected to be much more subdued than might normally be the case,” the report said. “Unemployment is on the rise, and poverty is set to increase in developing economies, bringing with it a substantial deterioration in conditions for the world’s poor.”
They say "subdued", I say "sluggish".
You like potato and I like potahto,
You like tomato and I like tomahto;
Potato, potahto, tomato, tomahto!
Let's call the whole thing off!

George and Ira Gershwin, Let's Call the Whole Thing Off