| GEO Business|
| Global economic growth in 2008 shrinks to 2.5 pc|
| Updated at: 1259 PST, Monday, December 08, 2008|
NEW YORK: As major economies remain plagued with the worst financial crisis, global economic system slow down impacts have further unfolded, as the volume of trade shrank since 1982 for the first time.
World Development Bank’s Global Economic Prospects said that the global economic growth in 2008 remained at 2.5 percent, while it was expected to further drop to 0.9 percent in 2009. It further said that the developing countries’ economic growth rate in 2009 was likely to reel down by 3.5 percent to peg at 4.5 percent. Developing countries were facing the jolts most caused by the slow down of major economies, as they were being forced to buy the fuel and grains at hiked global prices and inflicted with lesser employment opportunities besides high rate of unemployment.