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World Bank: Global Economy to Shrink for First Time Since World War II
The World Bank estimates that the global economy will likely shrink for the first time since World War II – at least five percentage points below potential – and emerging markets will suffer the hardest hits with severe long-term implications.
In its latest report, "Swimming Against the Tide: How Developing Countries are Coping with the Global Crisis," the World Bank says that 94 out of 116 developing countries have experienced a slowdown in economic growth. Of those, 43 have high levels of poverty.
And the most affected sectors are those that were the most dynamic not too long ago: Urban-based…
10Mar2009 | Money Morning | 0 comments | ContinuedChina Overtakes Germany to Become Third Largest Economy
An upward revision in China’s growth figures allowed it to leapfrog Germany to become the world’s third-largest economy in 2007. Now the Red Dragon is snapping at Japan’s heels in the quest to become No. 2 in the world’s economic pecking order.
“I think it will take only three to four years for China to overtake Japan as the second-largest economy in the world,” Merrill Lynch economist Ting Lu, told the Associated Press. Catching up with the United States could take decades, he added.
In a complicated recalculation, the Chinese government yesterday (Thursday) revised its growth figures for 2007 from 11.9% to…
16Jan2009 | Money Morning | 0 comments | ContinuedResources Hit the Dog Days
Oil is selling in the range of $113 per barrel, down from its recent high of $146. Gold is selling below $800 per ounce, down significantly from its springtime high of over $1,000. With a drop in excess of 20 percent for each item, it’s fair to say that we are in a bear market for both oil and gold.
Prices for other items, like natural gas, coal, silver, platinum, copper, zinc — and even a ubiquitous food commodity like corn — are all down sharply from much higher levels in recent months. So what’s going on with the pricing for…
27Aug2008 | Whiskey and Gunpowder | Comments Off | Continued
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