Back in the Spring of 2009, the World Bank forecast that the global economy would contract by 1.7% that year; the first global contraction since the Great Depression (yet another clear indicator we are in a depression).
As it turns out, they were quite conservative (as you would expect). Latest numbers from the World Bank show a decline in global GDP by 2.2% for 2009.
As I have alluded to on numerous occasions, it has been much of the developing world (China, Brazil and India) that have actually helped curtail the global contraction. Without their help, the global economy would have shrunk by around 3% in 2009, maybe more.
In this article, I will present various excerpts from a recent (January 2010) report by the World Bank, while following up with my assessment.
Ultimately, I will make a case that the global bubble is well on its way to reflating, if not already there.
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