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The global economy is entering an era of slower growth and will contract by nearly 3 per cent in 2009, the World Bank has warned.
In its Global Development Finance 2009: Charting a Global recovery, released yesterday, the World Bank said concerted global action involving tighter financial system policies would be necessary to avoid further volatility.
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“To prevent a second wave of instability, policies have to focus rapidly on financial sector reform and support for the poorest countries,” said Hans Timmer, director of the Bank’s Prospects Group.
The forecast is a blow to the economic outlook and a significant downgrade from the International Monetary Fund’s (IMF) prediction of -0.5 to -1.0 per cent growth, released in March.
