Dire Forecast for Global Economy and Trade

Casey Berry
5:36 Pm
Jan 22, 2009

I read an article called "Dire Forecast for Global Economy and Trade" by Mark Landler. Basically this article was talking about our economy and the "global recession". It mentions the fact that this recession could harm lots of developing countries and put them in a hue crisis where lots of people would be living in poverty. Justin Lin who is the chief economist of the World Bank said "We know that the financial crisis now is likely to be the worst since the 1930's". We are in such a predicament and there's really no way out of it. Our world trade volume was 9.8 percent in 2006 and they estimated that it will go down to 2.1 percent in 2009. Oil exports are also in danger because of the drop in capital flows, some are said to be in "heavy debts". The U.S., Europe, and Japan are predicted to be in equal recessions at this time. This week alone they were very pessimistic saying that global growth would drop to an astonishing low of 0.2 percent in 2009.
In my opinion this recession scares me very much. I know personally that i cannot pay ten dollars for a gallon of gasoline. It frightens me to think that in my lifetime times will be as harder and just as tough as they were during the 1930's depression. Our economy has definitely taken a toll for the worst over the past few years and i certainly hope that sometime in the near future something can be done to turn it around. I also believe that we need to start depending on ourselves a little more instead of relying on all these other countries for our necessities. Resources are starting to run out and if we don't think of some alternate solution soon we are going to be in big trouble.

World Bank Data Shows Global Pain-NYTimes.com