Global economy to shrink in 2009
The World Bank said on Sunday that the global economy will shrink in 2009 for the first time since World War Two and estimated developing countries face a financing shortfall of 270-700 billion dollars this year.
``The world economy is expected to shrink by 2.6% in 2009, according to the pessimistic scenario of the forecast presented in January,'' the world body said in a mid-year report by UN Department of Economic and Social Affairs.