“The organisation has slashed its growth forecasts, and is now predicting a 0.3% contraction for the eurozone in 2012.
“’Escalation of the crisis would spare no-one,” the report’s author warned.
Referring to the eurozone crisis and its potential to impact growth in rich and poor countries, Andrew Burns said:
“’Developed and developing-country growth rates could fall by as much or more than in 2008/09.’
“’The importance of contingency planning cannot be stressed enough…’
“The World Bank’s Global Economics Prospects report says that slower growth is already visible in global trade and commodity prices.
“It said that declining commodity prices were better news for the developing world, although food security for the poorest countries was still a major concern…
“’Developing countries need to evaluate their vulnerabilities and prepare for further shocks, while there is still time,’ said World Bank chief economist Justin Yifu Lin.”
My Comment: Wouldn’t it be better if they would bend their heads and look for new recipes for salvation. Kabbalah is offering.