When the lights go out, all over the world . . . .
The global economy is likely to shrink this year for the first time since World War II and developing countries will face a financing shortfall as private sector creditors shun emerging markets, the World Bank said Sunday.
In a paper for next Saturday’s meeting of the Group of 20 finance ministers and central bank governors, the World Bank said its forecasts show the world’s economic growth will be at least 5 percentage points below potential. Global industrial production by the middle of 2009 could be as much as 15% lower than 2008 levels.