The World Bank has revised downwards its prediction for 2009 global GDP growth. The World bank had predicted in March 2009, that the global economy will contract by 1.7% in the year 2009.
Today, it has revised its prediction to a 2.9% contraction in Global GDP, due to continuing turmoil in US and Europe. The World Bank is expecting an addition of at least 100 million people to the poverty list, across the globe.
The downward revision has to be taken with a pinch of salt by all those optimists who are still hoping for a US recovery by the end of the year. Considering the very bad state of the government finances in US, the World Bank prediction looks realistic.