The Wolrd Bank this week again revised its projections of global economic activity downward and the new predictions reveal a rapidly worsening situation.
Just a few weeks ago, the World Bank was predicting composite global economic activity would decline 1.7 percent. It is now expecting that decline to worsen to 2.9 percent, almost two-thirds worse than its most recent forecast.
In fact, the only two significant national economies in the world expected to grow this year are those of China and India.
The Bank is predicting only very modest global economic growth next year and almost all of it tied in to government stimulus spending.
What happens when the stimulus spending ends, as Canadian Prime Moron Stephen Harper is proposing?
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