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World Economic Situation and Prospects as of Mid-2008

Coming in the wake of global financial turmoil, the mid-year update of the World Economic Situation and Prospects forecasts a deeper downturn in the global economy in 2008. The report warns that in the absence of aggressive and coordinated expansionary policies a more severe contraction will occur, which could trigger a disorderly unwinding of the massive global imbalances and have drastic…

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