The World Bank downgraded its outlook for global growth in its flagship economic report but said the worst risks to the recovery, including a euro-zone meltdown, are now in the past.
The bank said in its latest Global Economic Prospects report, released
Wednesday, that it expects the global economy to expand 2.2% this year,
slightly slower than last year’s growth rate and 0.2 percentage point
down from its forecast in January.
While the bank nearly doubled its growth forecast for Japan due to its
aggressive new monetary policies, a deeper euro-zone recession and a
slowdown in major emerging economies led to lower projections for global
growth.
“We’ve bottomed out, we’ll probably be here for a while, but it is a
slow recovery,” said the bank’s Chief Economist Kaushik Basu. “There are
diminished risks, but the overall growth prospects also remain
diminished,” he said.
The bank downplayed the volatility rocking stocks, bonds and exchange
rates in recent days, calling them “short-term adjustments” to a
post-crisis recovery that shouldn’t last more than three-to-six months.
If the World Bank is speaking run! forest run!...Its days like this where I am glad to be holding Gold and Silver assets, the Quoted Paper price means very little to me in relation to dollars, they are assets true and true.
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