The World Bank has issued a revision of its most recent Global Economic Prospects report in preparation for the G20 London Summit. I quote:
'What began six months ago with a massive de-leveraging in financial markets has turned into one of the sharpest global economic contractions in modern history. As investors repatriated overseas assets and credit conditions were tightened, firms around the world had to scale-back production and postpone capital spending plans. Faced with unprecedented los
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