The Greatest Financial Crisis Globally Ever?
Yes, according to Former Federal Reserve Chairman Alan Greenspan in his speech to Washington on Tuesday. He added in the Bloomberg News article that the global recovery from the recent crisis will be "extremely unbalanced".
The World Bank also estimates that 64 million more people globally may be living in extreme poverty by the end of 2010 as an aftermath of the crisis. Although GDP growth is improving globally, it will be a long road to full recovery as developing countries need to anticipate scarcer and more expensive capital.
The World Bank feature story on Crisis, Finance and Growth on the new 2010 edition of Global Economic Prospects (GEP 2010 - released January 21) provides more insight and shows that, while the worst is over, the global economy may indeed be fragile for years to come.