World Bank Sees 3% Global Contraction
Verfasst von stgara am 23. Juni 2009
aus THE WALL STREET JOURNAL, 11.06.2009
„The World Bank publicly released an update on Thursday 11, 2009, but looked at only 2009, saying it expected the global economy to contract by „close to 3%.“ That is sharply worse than the World Bank’s March estimate of a 1.7% contraction. Mr. Zoellick said that while there are signs of an easing of the recession in wealthy countries, developing nations are suffering from a drop in exports, remittances and foreign investment.
The World Bank said the developing countries were likely to need between $350 billion and $635 billion in financing in 2009 to roll over their debt, apart from anticipated private investment. Mr. Zoellick raised the prospect of „large-scale public defaults“ unless the countries can borrow that money from institutions such as the IMF, World Bank and regional development banks.
Mr. Zoellick described the global downturn as occurring in „waves.“ In the first wave, the financial crisis battered the U.S. and Europe. As markets in wealthy countries dried up, a second wave, hit developing nations. Now a third wave is weakening financial institutions in those countries, which could produce a fourth wave that could further undermine financial institutions in the U.S. and Europe.“
