Wednesday, May 27, 2009

UN predicts 2009 economic decline of 2.6 percent

UN expects more economic decline. Then the article goes on to say if and only if the stimulus takes hold will the economy improve. Yea right. They put out a host of bad news that is probably real. Then they put out a small amount of good news to disarm the public, to make it look like our government is the Calvary coming to the rescue.

UNITED NATIONS (AP) - The United Nations predicted Wednesday that the global economy will shrink 2.6 percent this year as a result of the world financial crisis—a considerably deeper downturn than the 0.5 percent contraction forecast in January.
In its midyear economic projections, the U.N. said developing countries have been disproportionately hard hit by the global economic crisis.

The crisis started in developed countries, but the U.N. report said developing nations have suffered most from capital outflows, rising borrowing costs, collapsing world trade, lower commodity prices and falling remittances from overseas workers...
Entire article at this link.

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