Published on 18 Jan 2012 by Euronews : The World Bank has sharply cut its global economic growth expectations to just 2.5 percent this year and said Europe is probably already in recession.
In its latest forecasts the Bank warned developing countries that they should prepare for the "real" risk that an escalation in the euro area debt crisis could tip the world into a slump similar to the global downturn in 2008/09.
"The sovereign debt crisis in the euro zone appears to be contained," Justin Lin, the chief economist for the World Bank, said.
