World Bank warns of global recession

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World Bank warns of global recession

Eurozone crisis, weak growth elsewhere and reduced ability of governments to respond may lead to rerun of 2008-09The World Bank has has warned that the crisis in the eurozone will lead to a sharp slowdown in growth in rich and poor countries this year and could spiral into a rerun of the 2008-09 recession. In its half-yearly health check on the global economy the Washington-based institution said the world had “entered a very difficult phase characterised by significant downside risks and fragility”.