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This is an archive article published on June 22, 2009

Most economies in deeper slump: World Bank

The World Bank recently cut its forecast for the global economy to a contraction of 2.9 pct.

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The World Bank warned on Monday prospects for the global economy remained 8220;unusually uncertain8221; despite recent signs of improvement in parts of the world and cut its 2009 growth forecasts for most economies.

The World Bank,which has recently cut its forecast for the global economy to a contraction of 2.9 per cent from a projection for a 1.7 per cent decline set in March,released details on individual economies for the first time on Monday.

It also called on the governments around the world for 8220;vigilance8221; in drawing up exit strategy to reverse the recently expansionary monetary and fiscal policy once the world economy takes off for recovery.

The bank said in a Global Development Finance report released on the sidelines of an international conference in Seoul that the unprecedented expansionary policy could result in heavy adverse effects on the future policy if maintained after the recovery.

 

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