| From Battling the worst financial crisis in nearly 70 years, the world economy will brake sharply in 2009, with the United States, Western Europe and Japan in recession. Developing economies in Asia, Africa and the Middle East will experience curtailed growth due to plunging commodity prices and a world trade contraction,
but likely will escape the red ink.
Evidence of the global slide is still mounting. Manufacturers around the world are under severe strain and laying off hundreds of thousands of workers; banks are failing, triggering a severe credit crunch; home foreclosures are skyrocketing; and auto sales are plummeting, which could push some carmakers into bankruptcy.... Full Press Release: Source
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