World Bank predicts global gloom

The World Bank has forecast a significant decline in global economic growth in 2009 for both developed and emerging countries. The Bank said a deep global recession could not be ruled out.

The World Bank has also warned that some emerging economies are likely to face serious challenges, including bank failures and currency crises, even if global bail-out plans start restoring confidence in financial markets.

Even the fast-growing emerging giants, India and China, are likely to suffer from the slowdown.

[BBC]