World Bank Warning: 2012 May Look Like 2008 |
|
January 19, 2011
Emerging markets will have to brace for impact in 2012. The Mayan apocalypse might just look a lot like 2008. According to a World Bank report released in Beijing on Wednesday, the Eurozone will post no growth at all in 2012 and overall developed markets, which at this point just includes Japan and the U.S. in a potato sack race, growing at just 1.4%. That’s down from 2.7% in June 2011.
“Developing countries need to evaluate their vulnerabilities and prepare for further shocks, while there is still time,” said Justin Yifu Lin, the World Bank’s Chief Economist and Senior Vice President for Development Economics.
The World Bank forecasts global growth to come in at a paltry 2.5% in 2012. In 2008, global GDP contracted by 2.3%.
Related Links
