World Bank says global economy will shrink in ’09

Jamaica Gleaner: “World Bank says global economy will shrink in ’09”
The World Bank said Sunday that the global economy will shrink this year for the first time since World War II and that the global financial crisis will make it tougher for poor and developing nations to access needed financing.

Jamaica Observer: “Government must prepare the nation for economic survival”
The government must prepare the people for the shocks of the coming national budget and do it early. It has no control over the global economic crisis which will impact heavily on the budget – neither did the PNP Opposition when it formed the government – but government has a responsibility to do everything possible to cushion the intensity of the impact.

BusinessWeek, Bovino: “The Economy: A Scorecard for the Global Slowdown”
One year ago, it seemed pretty clear to Standard & Poor’s Ratings Services that the U.S. was in a recession. That has been confirmed by the National Bureau of Economic Research, which has said that the U.S. recession began in December 2007.