World Bank Cuts Economic Outlook, Says Europe Is In Recession, Warns Developing Economies To "Prepare For The Worst"

This will hardly be a surprise to anyone with 3 neurons to rub across their frontal lobe, but at least it is now official.

WORLD BANK CUTS GLOBAL GROWTH OUTLOOK, SEES EURO-AREA RECESSION

Bloomberg, which just released an embargoed summary of the World Bank action, summarizes it all.

World Bank cuts global growth forecast by most in 3 yrs as euro area recession threatens to exacerbate slowdown in emerging markets, World Bank says in Global Economic Prospects report.
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