World Bank says 'collapse' has arrived

[MoreOfTheSame]

In today's Business Day

THE World Bank has broken a taboo, becoming the first official organisation to predict the global economy will shrink during 2009, to collapse for the first time in more than 60 years.

The new World Bank assessment, prepared for next week's meeting of finance ministers and treasurers from the world's 20 largest economies, was not specific about the extent of the collapse other than to say that global economic activity would shrink "for the first time since World War II, with growth at least 5 percentage points below potential".

Global industrial production would be down 15 per cent by the middle of this year, with world trade on track to record its largest decline in 80 years.

[MoreOfTheSame]

A 15% loss in manufacturing or production output isn't necessarily a "collapse." Sure, the economy is going to suck for a while but it's not the End of Days or anything. Quite the alarmist headline though.

[Save Us]

A 15% loss in manufacturing or production output isn't necessarily a "collapse." Sure, the economy is going to suck for a while but it's not the End of Days or anything. Quite the alarmist headline though.

I keep telling myself that 9 out of 10 people are still employed which in my opinion is the most important factor.

[Dougles]

A 15% loss in manufacturing or production output isn't necessarily a "collapse." Sure, the economy is going to suck for a while but it's not the End of Days or anything. Quite the alarmist headline though.

It must have been made by Obama's speach writer!

[Riven37]

"Oh No ! Pull all your money out of the Banks before you have no money left."