As in global economic contraction.
Again, not that this actually passes as news for anyone paying the least bit of attention, but interesting nontheless as a study in media and institutional behaviors in a crisis:
World Bank Says Global Economy Will Shrink in ’09
By EDMUND L. ANDREWS 3:19 PM ET
In a bleaker assessment than those of most private forecasters, the World Bank predicted a shrinking of the global economy for the first time since World War II.
Thus does reality slowly seep in from all directions.....
One note on 'private forecasters': they almost all have conflicted interests, pricipally either corporate (see NAR), ideological (see AEI), or ummmmm, errrr, legal (see AIG). Not that the World Bank is noticeably stellar....
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