International trade will shrink in 2009 for the first time in more than 25 years as economic growth slows and commodity prices slide, the World Bank said. Global growth will slow to 0.9 percent, or the weakest rate since records began in 1970.
The East Asian economies will probably expand at the slowest pace in eight years in 2009 as easing export demand and declining investment and consumer spending portend “hard times” for the region, the World Bank said.
East Asia, which excludes Japan and the Indian subcontinent, will expand 5.3 percent next year, slower than the 7.4 percent rate the World Bank predicted in April. Growth will probably be 7 percent this year.
East Asia probably contributed to a quarter of global growth this year, and that may rise to a third next year, the World Bank said.More Job Cuts and bleak economy news:
1. Rio Tinto to cut 14,000 jobs (13%) and slash $5 billion in spending.
2. Electronic Arts cuts 2009 profit, outlook
3. Wal-mart suspends stock repurchase program.
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